• The Trump administration is actively insisting to an appeals court that a lower court’s suspension of its “Liberation Day” tariffs was “illegal,” asserting that removing the duties would result in “irreparable economic and national security harms.” This is as the appeals court weighs whether to reimpose the injunction on these tariffs, which a lower court had ruled was unauthorized.

• In tech news, IBM announced it will have the world’s first large-scale, fault-free quantum computer available by 2029 named Starling. The fault-tolerant machine will be capable of much more orders of magnitude of operations than existing quantum computers, which will make applications such as drug discovery and financial analysis possible. This follows IBM experiencing record-high stocks.

• The U.S. Federal Reserve is generally predicted to leave interest rates at their current levels for a period of no less than the next few months, based on a poll conducted by Reuters. This is due to ongoing inflation risks, which could be worsened by President Trump’s policies on tariffs and increasing fears over U.S. debt and bond sale. While most economists expect the rate cutting to resume in the third quarter, a strong labor market and still-looming uncertainties do not give the Fed any urgency about easing policy.