The administration had argued that courts had approved then-President Richard Nixon’s emergency use of tariffs in the economic chaos that followed his decision to end a policy that linked the U.S. dollar to the price of gold.
What happens to Trump's tariffs now that a federal appeals court has knocked them down?
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The Commerce Department said prices rose 2.6% in July compared with a year ago, as measured by the personal consumption expenditures index.
Wall Street: Stocks pull back from their latest all-time highs
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