Author: Editor

The Supreme Court during a rain storm in Washington, Feb. 20, 2026.Annabelle Gordon | Bloomberg | Getty ImagesThe Supreme Court on Friday ruled that President Donald Trump’s country-specific so-called “reciprocal” tariffs are unconstitutional, delivering a win for many consumer companies facing higher import costs.But the ruling doesn’t cover all sectors. The Supreme Court reviewed tariffs enacted under the International Emergency Economic Powers Act of 1977, or IEEPA, which the Trump administration used to justify the sweeping tariff agenda. The act had never before been used by a president to impose tariffs.In a 6-3 decision, the Supreme Court ruled that IEEPA…

The retail industry on Friday said the Supreme Court’s ruling that struck down some of President Donald Trump’s global tariffs would usher in more predictability and flexibility for innovation, freeing up businesses from the burden of higher import costs. “The Supreme Court’s announcement today regarding tariffs provides much-needed certainty for U.S. businesses and manufacturers, enabling global supply chains to operate without ambiguity,” the National Retail Federation said in a statement following the ruling. “Clear and consistent trade policy is essential for economic growth, creating jobs and opportunities for American families.”The nation’s highest court determined that Trump’s broad tariff rates on…

A journalist looks at Friday’s newspaper front pages in London after Andrew Mountbatten-Windsor was arrested and held for hours by British police on suspicion of misconduct in public office related to his links to Jeffrey Epstein. Kin Cheung/AP hide caption toggle caption Kin Cheung/AP LONDON — Police searched the former home of Andrew Mountbatten-Windsor again on Friday, a day after he was arrested and held in custody for nearly 11 hours on suspicion of misconduct in public office related to his friendship with the late convicted sex offender Jeffrey Epstein. Following one of the most tumultuous days in the modern…

The U.S. Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.Processing ContentVoting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion -…

The U.S. Supreme Court Andrew Harnik/Getty Images hide caption toggle caption Andrew Harnik/Getty Images The Supreme Court said President Trump’s tariffs policies under IEEPA are unconstitutional, dealing a major blow to the president’s signature economic policy. Chief Justice John Roberts wrote the 6-3 opinion. Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissented. At issue in the case were the implementation of Trump’s campaign pledge to impose massive tariffs on foreign imports. After his inauguration, Trump issued an executive order that initially imposed a tariff of at least 10% on goods from most countries doing business with the United States.…

This as-told-to essay is based on a conversation with Krista LeRay, founder and CEO of Penny Linn Designs. It has been edited for length and clarity.My first needlepoint project was in college. I moved from the Chicago suburbs to the University of Kentucky for college and remember feeling struck by how preppy everything was. Everyone had these needlepoint belts that they would wear. I wanted to immerse myself in the culture, so I decided to try needlepoint.A local needlepoint store showed me how to do the basic continental stitch, and that was that. I stitched in college but then didn’t…

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Equinox’s $40,000-a-year membership has a waiting list of more than 1,000 people, as demand for luxury health and wellness programs soars, according to the company’s chairman.The high-end fitness chain’s “Optimize by Equinox,” launched in 2024, is one of the most expensive gym memberships in the world and includes everything from personal training and nutrition to sleep coaching, massage therapy and a “health concierge.” Harvey Spevak, Equinox’s executive chairman, told…

Economic growth slowed more than expected at the end of last year — and a shutdown-fueled drop in government spending was a major culprit.US real gross domestic product rose at an annualized rate of 1.4% in the fourth quarter, short of the 2.8% expected.That’s also subpar compared to the 4.4% growth in the third quarter, which was propped up by robust consumer spending and exports. Still, it means the economy wrapped up the year with some strength in a year filled with uncertainty and many policy changes.Economic growth likely would have looked better without the record-long government shutdown in the…

Two memory-product entrepreneurs have seen their fortunes rocket this year thanks to heady demand from AI giants.David Sun, 74, and John Tu, 84, are the cofounders and 50-50 owners of Kingston Technology, a leading maker of computer drives and memory modules. Sun is the California company’s operating chief, while Tu is president and CEO.The pair have seen their respective net worths soar by 44%, or nearly $14 billion, since the start of January, the Bloomberg Billionaires Index shows.Only Tesla and SpaceX CEO Elon Musk, Czechoslovak Group CEO Michal Strnad, and Mexican tycoon Carlos Slim have gained more wealth so far…

Customers near a Ford Maverick pickup truck at a Ford dealership in Richmond, California, US, on Wednesday, April 16, 2025. David Paul Morris | Bloomberg | Getty ImagesDETROIT – The strength of the U.S. automotive industry will face an early test this spring that has nothing to do with cars or trucks.With tax season starting, industry experts are projecting that some Americans, many of whom have been priced out of the new vehicle market, will use anticipated higher tax returns to purchase a new or used vehicle.Extra cash on hand could lend a needed boost to an industry that’s suffering…