An appeals court in Washington considered President Donald Trump's sweeping tariff plan, which comes into force Aug. 1 and has sparked consternation from small businesses.

April's "Liberation Day" was about President Trump trying to impose a new global trade system. Thursday's tariff orders were effectively a reset to create a somewhat more practical regime. Why it matters: Trump scrapped most of the highest levies,

While some were successful, others are facing the prospect of no deal and increased levies.In his election campaign, Donald Trump once said that "tariff is the most beautiful word in the dictionary." With a move that shocked both politics and business across the world,