CNBC's Megan Cassella joins 'Fast Money' with an update on challenges to Pres. Trump's tariffs.

Washington

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

Global Tariffs

A US appeals court has upheld a previous ruling from the Court of International Trade, finding that most tariffs imposed by President Trump under the International Emergency Economic Powers Act (IEEPA) are not legal. The appeals court agreed that the statute does not grant the president authority to impose tariffs via executive order in the manner used.

The case is expected to move to the Supreme Court, with the status of the tariffs currently in limbo. The appeals court has sent the question of whether to halt the collection of these tariffs back to the lower court for a decision. The administration has argued for keeping the tariffs in place, citing diplomatic and revenue concerns, but a final determination has not yet been made.

Appeals court rules most of Pres. Trump's tariffs are not legal

Hey, Brian, so just to catch everybody up on where this case stood, this is the consolidated case that the Court of International Trade had back in the spring found that most of these tariffs imposed for national security reasons or for reasons of international economic emergency, I should say, to be more specific, were not legal. This is the first round of appeals. This case is upholding that ruling. They're saying that they agree with the initial court, this is the appeals court saying they agree with the Court of International Trade, that because this statute does not say that this is an international emergency, that because of this international emergency, he should be allowed to impose tariffs via executive order. That's why they're upholding the ruling. Now a couple crucial points on where we go from here, Brian. One is that this will all but certainly go to the Supreme Court. So we know that will be the next step. We knew this court was listening to this on an expedited basis so that it could get to the Supreme Court even faster, potentially get a ruling sometime in the spring or summer. What we don't know right now that is crucial is what happens to the tariffs in the meantime. Again, this is the vast majority of all of the tariffs the president has imposed so far were imposed under this IEPA statute. So now the appeals court agreeing, he doesn't have the authority to use it in that way. But this court appears to be sending the decision on whether a universal injunction should go in place to stop the government from collecting the tariffs. They appear to be sending that back to the Court of International Trade to decide. So based on my initial read of this ruling—and again, it's quite long, we're still going through it—it seems like the status of the tariffs at the moment is still in limbo. Just one other thing I would flag, Brian, is just earlier today, administration officials had filed a brief in this case to argue that they needed to keep collecting the tariffs, that otherwise it would put them on sort of shaky diplomatic ground, they would be losing out on important revenue, a number of arguments laid out by different administration officials. So they very much want to keep these tariffs in place while we wait for the Supreme Court to hear the case. That's what we just don't know yet, Brian.

The Trump administration is planning expanded immigration operations in Chicago next week, two Department of Homeland Security sources tell CBS News. Camilo Montoya-Galvez reports.

Chicago

Trump planning immigration crackdown in Chicago next week: sources

Iran-backed Houthi Prime Minister Ahmed al-Rahawi was killed in Israeli airstrikes on Sanaa, according to Yemeni and Israeli reports. The strikes also targeted top military officials, including the group's defence minister.

Sana'a

Iran-backed Houthi PM killed in Israeli airstrikes on Yemen's capital

Thailand's Constitutional Court dismissed 39-year-old Paetongtarn Shinawatra from office on Friday (August 29) on an ethics violation, abruptly ending the term of Thailand's youngest prime minister after just over a year in office.

Bangkok

Thai court ousts PM Paetongtarn for ethics violation

Chinese President Xi Jinping will be flanked by leaders of some of the world's most heavily sanctioned nations at a World War Two military parade in Beijing next week, in a show of solidarity against the West.

Beijing

China to stage massive military parade as Xi hosts sanctioned leaders

The multinational peacekeeping force known as UNIFIL has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah conflict last year.

Beirut

UN votes to end peacekeeping force in Lebanon after five decades

Russia, set to assume the UN Security Council presidency in October, has proposed extending the resolution that governs the snapback mechanism, potentially intensifying a diplomatic standoff with European powers.

Moscow

Russia slams European push to reimpose UN sanctions on Iran

It's been 13 days since President Trump said he could strike a peace deal in Ukraine, following his meeting with Russia's leader, Vladimir Putin. But Russia shows no signs of backing down, launching an aerial assault on Kyiv.

Kyiv

Ukraine Invasion

Russian attack on Kyiv kills more than a dozen people

The shooter in Minneapolis fired more than 100 rounds from a rifle at the church where students at Annunciation Catholic School attended Mass. City and state officials highlighted this fact as they called for stricter gun control.

Minneapolis

Minneapolis officials call for stronger gun laws after school shooting

The shooter who killed 2 kids and injured 17 at Annunciation Catholic Church in Minneapolis had ties to the church where he targeted children celebrating a new school year during mass.

Annunciation school shooter had knowledge of church he targeted

The White House is responding to Centers for Disease Control and Prevention Director Dr. Susan Monarez's refusal to step down from her role. CBS News' Olivia Rinaldi reports.

White House reacts to CDC director refusing to step down from role

In Tehran on Thursday, Iran’s currency traded at over 1 million to $1. At the time of the 2015 accord, it traded at 32,000 to $1, showing the currency’s precipitous collapse in the time since.

Tehran

Europe prepares sanctions as Iran's currency falls

Two children, ages 8 and 10, were killed in a school shooting at Annunciation Church in Minneapolis. The FBI is investigating the shooting as an act of terrorism and a hate crime targeting Catholics. Warning, this video is difficult to watch.

FBI investigating Minneapolis Catholic school shooting as hate crime

UN officials and aid agencies have warned that famine in Gaza is no longer a looming threat but a present reality, with children increasingly dying of hunger. In a blunt address to the UN Security Council, officials described the famine and widespread hunger in the enclave as “engineered” and “man-made” disasters.

New York

Middle East Conflict

UN Security Council affirms Gaza famine is manmade

Denmark summoned the top U.S. diplomat in the country to protest what Danish officials say is an unprecedented effort by people close to U.S. President Donald Trump to conduct secret influence operations in Greenland.

Copenhagen

Denmark accuses U.S. of covert operations in Greenland

Two young children were killed, and 17 others were injured in a shooting during a Catholic Mass packed with young students in Minneapolis. The gunman is also dead.

Minneapolis Catholic school shooting leaves two children dead

The group is accused of attempting to infiltrate Greenlandic society, including allegedly recruiting locals for a new independence movement from Denmark, according to the Danish public broadcaster, DR, who was first to break the story.

Nuuk

Denmark summons U.S envoy over claimed interference in Greenland

SpaceX on Tuesday launched its Super Heavy-Starship, the most powerful rocket in the world, for a test flight after three other flights failed earlier this year. NASA hired SpaceX to build a lunar lander version of Starship to carry astronauts to the moon.

Starbase

SpaceX launches Super Heavy-Starship in test flight

The United States has doubled tariffs on many imports from India to 50 percent, as U.S. President Donald Trump followed through on his threat to punish New Delhi for buying discounted Russian oil.

New Delhi

U.S. raises India tariffs to 50 percent over Russian oil purchases

President Donald Trump said he would seek the death penalty for murders in Washington, as part of a crackdown on what he calls out-of-control crime in the US capital.

Trump endorses death penalty return in Washington D.C.

As the Israeli military gives an initial assessment of deadly strikes on a Gaza hospital, hundreds of thousands of protesters urged Prime Minister Benjamin Netanyahu to accept a ceasefire with Hamas in exchange for a hostage deal.

Tel Aviv-Yafo

Protesters urge Netanyahu to reach hostage deal

Cracker Barrel says it will go back to its old logo after facing intense backlash and seeing its company value to sink by nearly $100 million after switching to a new design last week. In a statement, Cracker Barrel thanked their guests for sharing their voices.

Cracker Barrel scrapping new logo, returning to old one after backlash

The small West Tennessee town of Mason, just 2 square miles in size, is home to about 1,000 people. But its residents are now divided by what a new immigration detention facility will mean for the area.

Mason

Small Tennessee town divided over new ICE detention facility

A standoff is brewing between President Trump and economist Lisa Cook. Mr. Trump tried to fire her, claiming "there is sufficient cause" to believe that Cook made false statements on one or more mortgage agreements.

Trump clashes with Fed board member Lisa Cook, pushing to oust her

Protesters demanding an end to the Gaza war and the return of hostages to their homes took to the streets in Israel on Tuesday ahead of a security cabinet meeting scheduled for the evening.

Israeli protesters demand hostage deal as cabinet set to meet

Australia accused Iran on Tuesday (August 26) of executing two antisemitic arson attacks in the cities of Sydney and Melbourne and gave Tehran's ambassador seven days to leave the country, its first such expulsion since World War Two.

Council of the City of Sydney

Australia expels Iranian envoy over antisemitic attacks

President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook, the only Black woman to serve on the board. Critics call it an attack on the Fed's independence, while Cook says no legal cause exists for her firing.

Trump says he fired Lisa Cook from Federal Reserve board

U.S. President Donald Trump signed an executive order creating new National Guard units, including a rapid-response force to handle what the administration calls civil disturbances.

White House authorizes creation of rapid-response National Guard units

Billionaire entrepreneur Elon Musk’s artificial intelligence startup xAI sued Apple and ChatGPT maker OpenAI in U.S. federal court in Texas, accusing them of illegally conspiring to thwart competition for artificial intelligence.

Appeals court rules most of Pres. Trump's tariffs are not legal

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Global Tariffs