Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning. Today is Thursday, May 29th. I'm Julie Morgan.

Trump's tariffs fall flat. Elon Musk bows out and Envidia powers on.

A federal trade court has struck down the reciprocal tariffs that President Trump imposed on what he called Liberation Day.

The ruling puts an immediate stop to the collection of a sweeping set of levies that the president imposed.

The three-judge panel on the U.S. Court of International Trade ruled that President Trump

exceeded his authority on the April 2nd tariffs placed on more than 180 countries and territories.

The court wrote in a summary judgment that the Constitution assigns Congress the exclusive powers

to lay and collect taxes, duties, imposts, and excises, and to regulate

commerce with foreign nations. The Trump administration will appeal the ruling, but considering

that the suing plaintiffs sought narrow relief, tariff collection will stop immediately,

barring an emergency stay.

Elon Musk is stepping down from his role as a senior advisor to President Trump.

In a post on his social media platform, X, Musk thanked Trump for the opportunity to lead

the Department of Government Efficiency commonly referred to as Doge.

He wrote that the department's mission will only strengthen over time as it becomes a way of life throughout the government.

Since the start of Trump's second term in January, Musk has headed the Department of Government

Efficiency, where he was charged with significantly reducing the size of the federal government. However, the Tesla and

SpaceX CEO's exit comes after he criticized Trump's Big Beautiful Budget Bill, the legislative

centerpiece of the president's agenda. In an interview that will be aired this Sunday, June 1st,

on CBS Sunday morning, Musk said the Big Beautiful bill will not help the nation's

finances. In a clip, he goes on to say that the bill undermines the work that the Doge team is doing.

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