As Trade Deal Deadline Looms, Could Trump’s Tariffs Be Deemed Unlawful?

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 31 July 2025

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for July 31. As President Trump’s deadline approaches for countries to establish trade agreements, an appeals court hears arguments about whether he can use emergency powers to impose tariffs. We hear from Jess Bravin, who covers the U.S. Supreme Court for the Journal, about where the case goes from here and the implications of a decision. Plus, Microsoft has become the second company in the world to notch a $4 trillion market capitalization. WSJ technology reporter Sebastian Herrera discusses how it achieved this milestone, and which company may be next. And shares of software company Figma jump 250% in the company's stock market debut, adding fuel to an IPO comeback already under way. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Omada Health makes managing chronic conditions easier by supporting members between doctors' visits.
0:05.4	Members are paired with the health coach empowered by insights from smart devices and AI-powered tools.
0:10.6	Learn more at OmataHealth.com. Omada Health is proudly NASDAQ listed.
0:18.7	Microsoft becomes the world's second $4 trillion company.
0:22.8	Plus, Figma makes a splashy stock market debut, adding momentum to the U.S. IPO market.
0:29.2	And ahead of tomorrow's trade deal deadline, a court weighs whether President Trump can use
0:34.4	emergency powers to set tariffs.
0:36.2	There's not going to be any immediate effect on whatever the president does tomorrow.
0:40.4	He can continue to alter his tariff policy as he wishes for now, but the government is
0:47.1	on notice, as we all are, that this court and a higher court may at some point say, actually,
0:53.2	all that stuff you did was not lawful.
0:54.9	It's Thursday, July 31st. I'm Alex Oslo for the Wall Street Journal. This is the PM edition of
1:01.0	What's News, the top headlines and business stories that move the world today.
1:10.5	Microsoft has become the world's second $4 trillion company. The company has become the world's second $4 trillion company.
1:14.6	The company crossed the market capitalization milestone this morning as investors reacted to yesterday's fourth quarter earnings report.
1:21.6	I'm joined by Sebastian Herrera, who covers technology for the Wall Street Journal.
1:26.0	Sebastian, what has driven Microsoft to this $4 trillion mark?
1:29.9	Well, this $4 trillion mark came shortly after Microsoft reported blowout earnings.
1:36.4	They reported really great numbers for their cloud computing, Azure,
1:40.6	basically showing that a lot of companies are spending on cloud computing and primarily for
1:45.4	artificial intelligence. And also what was notable is that they said this next year is also going
1:50.5	to be really profitable for them. So they expect this AI windfall to continue for them and to
	...

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