A federal appellate court on Friday upheld a lower-court ruling invalidating the bulk of President Trump's sweeping global tariffs.

Why it matters: The ruling could quickly upend the global trade order Trump has built, cutting off a major new source of cash for the government and raising huge questions about what businesses are supposed to do next. • Trump said the ruling would "literally destroy the United States of America" if it stands, and promised an appeal to the Supreme Court.

The big picture: Trump has secured historic trade deals with major trading partners, including Europe and Japan, on a basis that two courts have now found illegitimate. • With the details of many of those pacts still being hammered out, the ruling could lead both allies and adversaries to reconsider the

See Full Page