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A U.S. trade court strikes down President Trump's global tariffs.

Plus, Elon Musk announces his looming exit from government, and NVIDIA's business booms,

even as its CEO critiques U.S. efforts to shut China out of the global chips market.

Shielding Chinese chipmakers from U.S. competition only strengthens them abroad and weakens America's

position.

It's Thursday, May 29th.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

A. and business stories moving your world today. A U.S. Federal Trade Court has ruled that President Trump didn't have the authority to impose

global tariffs, a decision that voids the levies that have sparked a sweeping trade war

and threatened to upend the world economy.

The panel of judges from the Court of International Trade said the U.S. trade deficit

didn't fit the definition of an unusual and extraordinary threat,

as defined in a 1977 law cited by Trump to underpin most of the tariffs,

blocking what had been one of the administration's

boldest assertions of executive power. To put this ruling into context and look at how global

...