A New York appellate court threw out a $527 million penalty in the civil fraud case against President Trump and several others. CBS News' Aaron Navarro reports.

New York

A New York appeals court has thrown out a civil fraud penalty of over $500 million against former President Donald Trump and his businesses. The court found the fine to be excessive and not a reasonable approximation, following a previous order that Trump pay over $364 million plus interest for allegedly falsifying business records. The New York attorney general, who brought the original case, retains the option to appeal the decision.

In separate developments, the United States and European Union have announced a framework agreement for a trade deal. The EU plans to eliminate tariffs on U.S. industrial goods, while the U.S. will impose a 15% tariff on most EU products, including cars and pharmaceuticals. Negotiations with China on trade tariffs are ongoing, with a temporary truce in place.

Trump civil fraud case $527 million penalty thrown out

Now to this. Breaking just moments ago, a major win for President Donald Trump after a New York appeals court says they will throw out his massive civil fraud penalty that could have cost him over $500 million. The details just coming in on this. So for more information, let's bring in CBS News White House reporter Aaron Navarro. Aaron, thank you for joining us today. Remind us what this case is about and the details that we're learning from this decision. Yeah, Mugu, good to be with you. We know that back in February of 2024, a Manhattan judge ordered that President Trump and his businesses pay over $364 million over allegedly falsifying business records with interest that grew to be over half a billion dollars. We know that President Trump nearly a year ago from now appealed that. The appeals court did not make a decision on their case until today where they found a panel of judges. They were split on the merits of the lawsuit against President Trump and his businesses, but they dismissed this penalty as being too high. They found that the fine, quote, was excessive. The calculation of it, quote, was far from a reasonable approximation. We know that judges on that panel have previously questioned whether the New York attorney general overstepped in bringing this case in the first place, though the New York attorney general still has the option to appeal this, but definitely a big win in court right now for President Trump. Yeah, certainly sounds like it. And Aaron, thank you for joining us once again. We are going to continue our conversation with you, but on a different topic, exactly what we were supposed to talk to you about in the first place. And we want to talk about the United States and European Union because they say they have reached a framework agreement for a trade deal in a joint statement. Both sides, right? This is the first step in a process that can be further expanded over time to cover additional areas and continue to improve market access. They go on to say they hope the deal will help improve trade investment relationships between the two nations. So Aaron, let's break down some of the terms listed in the proposal. For starters, we know the EU intends to eliminate tariffs on all U.S. industrial goods. In return, the U.S. will slap most EU products with a 15% tariff, including on cars, pharmaceuticals, semiconductors and lumber. Aaron, I want to bring you in here because when can we expect this deal to finally become official? White House officials say, quote, in the coming weeks, they mainly wanted to get this joint statement out to show, quote, a unified view on trade. As you kind of laid it out, this is just the next procedural step. As you remember, President Trump and the EU Commission, President Ursula von der Leyen kind of made that handshake, as you saw on screen, while the president was in Scotland. But now we're getting some of the further details on that. While the European Union has to introduce legislation to lower these tariffs, there will still be a 27.5% tariff on cars from Europe. That will stay until the tariffs on American goods are lowered, and that will reduce to 15%. So no short-term relief for carmakers right now in Europe. The top lines, though, are the same. There will still be a 15% tariff on most goods from EU countries. One big development is that that will apply to pharmaceuticals. Even as Trump and his administration have signaled they could have a higher pharmaceutical tariff of up to 200%, though they are still working on finalizing those details. So this is just the next step in getting more of the terms and agreements between the U.S. and the European Union. And what other countries is the U.S. still looking to secure a deal with, and where do those negotiations stand at this point? Yeah, the big remaining one is China. That still has to be formalized. In recent weeks, President Trump extended a truce of sorts between the U.S. and China for about three months, preventing those sky-high tariffs from both countries of over 100%. That now gives the countries until November 10 to work out any remaining differences, though we haven't heard many big developments since that truce was declared. Okay. CBS News White House reporter Erin Navarro for us today with breaking news and helping us break down this information on the U.S. trade deal with the EU. We really appreciate your time. Thank you.

Israel has intensified its assault on Gaza City, launching a new operation to seize it while planning the forced displacement of nearly one million Palestinians to southern zones.

Jerusalem

Middle East Conflict

Israel begins Gaza City operation

The U.S. and the European Union have locked in a framework trade deal that includes a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.

Washington

Global Tariffs

U.S. and EU lock in trade deal

Israel says it began its military operation to take control of Gaza City. This comes after an apparent Hamas attack in Khan Younis targeting Israeli soldiers.

Israel says it began Gaza City expansion

After weeks of pushback from Democrats, House Republicans in Texas have passed controversial legislation to redraw the state's congressional map, giving the GOP an advantage in multiple seats.

Austin

Texas House passes controversial GOP redistricting map

U.S. President Donald Trump’s top-down diplomacy has experts in Ukraine skeptical about whether there has been enough preparation for proposed talks to actually end the war between Russia and Ukraine.

Moscow

Ukraine Invasion

Russia signals more talks needed before Zelenskyy-Putin meeting

The Texas House on Wednesday night passed a controversial, Republican-backed proposal to redraw the state's congressional maps. The bill now moves onto the Texas Senate. CBS News reporter Erica Brown has more.

Texas

Texas House approves GOP congressional redistricting map

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

Trump says no U.S. ground troops will be sent to Ukraine

Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

EU leaders show cautious optimism following Zelenskyy, Trump talks

As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

Israel digs in on Gaza takeover as Hamas softens on ceasefire

President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

Trump tells Zelenskyy U.S. would help with security in a peace deal

Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

Bolivia heads to runoff after historic defeat for the left

All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

Reports: Hamas accepts latest Gaza ceasefire proposal

Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Erin expected to bring dangerous conditions to U.S. East Coast

Ahead of his Monday meeting with President Trump, Ukrainian President Volodymry Zelenksyy says his country will not give up any territory to Russia, even as the White House insists potential land swaps will be necessary. Willie James Inman reports.

Kyiv

Ahead of Trump meeting, Zelenskyy says won't give territory to Russia

Thousands of Israeli protesters demanded a deal to secure the release of hostages still held by Hamas in one of the biggest demonstrations since the war in Gaza began. Debora Patta reports.

Breakdown