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Consumer sentiment hit a record low in May, the University of Michigan said, with the lowest reading among Republicans since President Donald Trump's 2024 election.
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For the president, a major legal defeat could undercut his leverage as he prepares to head to Beijing next week for high-stakes trade negotiations.
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A panel of federal judges found that President Trump could not legally impose the tariff on most imports.
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Oil futures moved higher late Thursday while stock-index futures were little changed after the U.S. and Iran exchanged fire in the Persian Gulf, and after a federal court struck down President Donald Trump's backup tariff plan.
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