Trump Trade: U.S. appeals court says most Trump tariffs illegal

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

ILLEGAL TARIFFS: A U.S. appeals court determined that the majority of President Donald Trump’s tariffs are illegal, Reuters’ Dietrich Knauth reports. The ruling from the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. covered the legality of what the president calls “reciprocal” tariffs imposed in April, as well as a separate slate of levies imposed in February against China, Canada, and Mexico, the author says, noting that the move does not affect tariffs issued under other legal authority, including tariffs on steel and aluminum imports. The case is anticipated to be appealed to the U.S. Supreme Court, the author notes.

TARIFFS STILL IN EFFECT: U.S. President Donald Trump said in a post on Truth Social, “ALL TARIFFS ARE STILL IN EFFECT! Today a Highly Partisan Appeals Court incorrectly said that our Tariffs should be removed, but they know the United States of America will win in the end. If these Tariffs ever went away, it would be a total disaster for the Country. It would make us financially weak, and we have to be strong. The U.S.A. will no longer tolerate enormous Trade Deficits and unfair Tariffs and Non Tariff Trade Barriers imposed by other Countries, friend or foe, that undermine our Manufacturers, Farmers, and everyone else. If allowed to stand, this Decision would literally destroy the United States of America. At the start of this Labor Day weekend, we should all remember that TARIFFS are the best tool to help our Workers, and support Companies that produce great MADE IN AMERICA products. For many years, Tariffs were allowed to be used against us by our uncaring and unwise Politicians. Now, with the help of the United States Supreme Court, we will use them to the benefit of our Nation, and Make America Rich, Strong, and Powerful Again! Thank you for your attention to this matter.”

FAA ORDER: Actelis Networks (ASNS) announced it has received an approximately $0.5M order from the Federal Aviation Administration, FAA, to provide advanced hybrid-fiber networking solutions for critical air traffic control infrastructure modernization. The order comes as part of the FAA’s broader modernization initiative following Congress’s approval of $12.5B in dedicated funding through the Trump Administration’s “One Big Beautiful Bill” signed in July 2025. This legislation specifically allocates $4.75B for telecommunications infrastructure improvements, positioning advanced networking solutions like those provided by Actelis at the center of America’s multi-year, multi-billion-dollar aviation infrastructure transformation that could ultimately require investments exceeding $30B, according to recent reports.

URANIUM PROJECT: enCore Energy’s (EU) Dewey Burdock ISR Uranium Project in South Dakota has been approved for inclusion in the Fast-41 Program by the U.S. Federal Permitting Improvement Steering Council. This is a component of the implementation of President Trump’s Executive Order on Immediate Measures to Increase American Mineral Production. The company’s Dewey Burdock Project received its Source and Byproduct Materials License in 2014, from the Nuclear Regulatory Commission, now under timely renewal, and will work with the NRC as the lead agency for federal permitting. enCore’s objective is to advance the Dewey Burdock Project into development and operation utilizing the In-Situ Recovery uranium extraction process. The Permitting Council identifies priority infrastructure and critical mineral projects to receive accelerated permitting review. The addition of the first South Dakota ISR project supports the domestic uranium production focus of the United States.