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Trump administration has backup plans for tariffs

Scott Bessent, US treasury secretary, in the Oval Office of the White House in Washington, DC, US, on Wednesday, Aug. 6, 2025.
Bonnie Cash | Bloomberg | Getty Images
Even if the U.S. Supreme Court agrees with a federal appeals court’s ruling that most of President Donald Trump’s tariffs are illegal, it doesn’t mean the case is closed on those levies.
U.S. Treasury Secretary Scott Bessent reportedly told Reuters on Monday that there are “other authorities that can be used” to uphold the tariffs. One of them could be the Smoot-Hawley Tariff Act, Bessent said.
(A curious side note: Smoot-Hawley is described by an article on the U.S. Senate website as “among the most catastrophic acts in congressional history.”)
Since markets in the U.S. were closed for the Labor Day holiday on Monday, they didn’t have a chance to respond to both Bessent’s comment and the court’s ruling, which was announced after the bell on Friday.
For now, futures tied to U.S. stocks were little changed Monday night stateside. Investors could have gotten used to the volatile nature of Trump tariffs and are taking a wait-and-see approach.
No point, after all, to prepare for an outcome that might lead to the start of another legal battle. It’s never over till it’s over — it’s just another day in Trump’s America.
What you need to know today
Bessent expects the Supreme Court to uphold Trump tariffs. And if they are struck down by the court, “there are lots of other authorities that can be used,” U.S. Treasury Secretary Scott Bessent said on Monday, Reuters reported.
Oil giant Equinor backs crisis-stricken Orsted. In an apparent show of confidence in the world’s largest offshore wind developer, Norwegian oil giant Equinor pledged almost $1 billion of fresh capital to participate in Orsted’s rights issue.
Novo Nordisk edges out rivals in drug trial. Users of the Danish pharma giant’s weight loss drug Wegovy showed a bigger reduction in the risk of heart attack compared with people on Eli Lilly’s Tirzepatide. Shares of Novo Nordisk rose 1.76% on the news.
Europe’s Stoxx Aerospace and Defense index pops. The index rose 2.2% on Monday, outperforming the Stoxx Europe 600’s 0.23% rise, after Norway placed a £10 billion ($13.5 billion) order for British-made warships. U.S. markets were closed for Labor Day.
[PRO] A Chinese property stock defying the slump. The company has “already returned more capital than they ever raised from capital markets,” wrote Barclays — and its stock has an implied upside of over 40% from the bank’s price target.
And finally…
TIANJIN, CHINA – SEPTEMBER 01: Indian Prime Minister Narendra Modi talks with Russian President Vladimir Putin(L) and Chinese President Xi jinping ahead of the Shanghai Cooperation Organization (SCO) Summit 2025 at the Meijiang Convention and Exhibition Centre on September 1, 2025 in Tianjin, China. (Photo by Suo Takekuma – Pool/Getty Images)
Pool | Getty Images News | Getty Images
Behind the Beijing smiles with Putin, Modi and Xi
A widely shared clip of Chinese President Xi Jinping, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin laughing together in Beijing has already gone viral.
On the surface, it appears to be an easy exchange between three leaders. But analysts say it reflects a delicate mix of competing rivalries and shifting power dynamics.
— Spriha Srivastava
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Why being cautious investors in September may be justified
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Powerball Jackpot Hits $1.3 Billion—Here’s What The Winner Could Take Home

Topline
The Powerball jackpot shot up to $1.3 billion—the biggest lottery prize since April 2024—after no tickets matched all six numbers drawn on Monday night, although the eventual winner will likely take home a much smaller payout after paying their taxes.
The Powerball jackpot surged to $1.3 billion as no winners emerged after Monday night’s drawing.
Getty Images
Key Facts
The six numbers drawn on Monday night were 8, 23, 25, 40, 53, and red Powerball 5.
If a winner emerges in the next draw, they can choose between taking the $1.3 billion prize spread over 30 annualized payments or a one-time lump sum cash payout of $589 million—the preferred choice for most winners.
If the lump sum payment is chosen, the winnings will drop to around $447.6 million after a mandatory federal withholding of 24% is applied.
Depending on their taxable income, the winner could face a federal marginal rate as high as 37%, which would further reduce their winnings to $371 million.
If the winner chooses the installment route, their annual payments of around $43.3 million would drop to $27.3 million if the 37% federal marginal rate is applied.
The winner may also face additional taxes based on their state of residence, as some, such as New York, tax lottery winnings at a rate of 10.9%, while others, including Texas, Florida, and California, don’t.
Big Number
To win the jackpot, a Powerball ticket buyer will have to overcome astronomical odds of 1 in 292.2 million. This is slightly worse than the Mega Millions jackpot, which has odds of 1 in 290.4 million. The Mega Millions used to have even worse odds than the Powerball lottery, but the competition implemented significant changes earlier this year that slightly improved the odds of winning both the jackpot and smaller prizes.
What To Watch For
The next draw for the Powerball jackpot will take place on Wednesday night, and if a winner fails to emerge once again, the jackpot prize will likely eclipse the biggest one of 2024. The next drawing for the Mega Millions lottery is scheduled for Tuesday, and the current jackpot amount stands at $302 million.
Key Background
The eventual winner of the Powerball jackpot will claim the biggest lottery prize of the year so far, beating out the $526.5 million prize won by a Powerball ticket buyer from California in March. They will also take home the largest jackpot since April last year, when a ticket buyer from Oregon won a $1.326 billion prize.
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Landslide in Sudan kills more than 1,000

CAIRO (AP) — A landslide wiped out a village in Sudan ’s western region of Darfur, killing an estimated 1,000 people in one of the deadliest natural disasters in the African country’s recent history, a rebel group controlling the area said late Monday.
The tragedy happened Sunday in the village of Tarasin in Central Darfur’s Marrah Mountains after days of heavy rainfall, the Sudan Liberation Movement-Army said in a statement.
“Initial information indicates the death of all village residents, estimated to be more than one thousand people. Only one person survived,” the statement read.
The village was “completely leveled to the ground,” the group said, appealing to the U.N. and international aid groups for help to recover the bodies.
The ruling Sovereign Council in Khartoum mourned “the death of hundreds of innocent residents” in the Marrah Mountains’ landslide. In a statement, it said “all possible capabilities” have been mobilized to support the area.
Footage shared by the Marrah Mountains news outlet showed a flattened area between mountain ranges with a group of people searching the area.
The tragedy came as a devastating civil war has engulfed Sudan after tensions between the country’s military and the paramilitary Rapid Support Forces exploded into open fighting in April 2023 in the capital, Khartoum, and elsewhere in the country.
Most of the conflict-stricken Darfur region has become mostly inaccessible for the U.N. and aid groups, given crippling restrictions and fighting between Sudan’s military and the RSF.
Aid group Doctors Without Borders has warned that multiple communities in Darfur, including the Marrah Mountains, have been cut off after more than two years of war and isolation, describing these areas as “a black hole” in Sudan’s humanitarian response.
It said in a July report that people in these communities have been “deprived from adequate assistance and snubbed by aid actors … despite enduring horrid conditions.”
The Sudan Liberation Movement-Army, centered in the Marrah Mountains area, is one of multiple rebel groups active in the Darfur and Kordofan regions. It hasn’t taken sides in the war.
The Marrah Mountains are a rugged volcanic chain extending for 160 kilometers (100 miles) southwest of el-Fasher, an epicenter of fighting between the military and the RSF. The area has turned into a hub for displaced families fleeing fighting in and around el-Fasher.
The conflict in Sudan has killed more than 40,000 people, forced more than 14 million to flee their homes and left some families eating grass in a desperate attempt to survive as famine swept parts of the country.
It has been marked by gross atrocities including ethnically motivated killing and rape, according to the United Nations and rights groups. The International Criminal Court said it was investigating alleged war crimes and crimes against humanity.
The village of Tarasin is located in the central Marrah Mountains, a volcanic area with a height of more than 3,000 meters (9,840 feet) at its summit. A world heritage site, the mountain chain is known for its lower temperature and higher rainfall than surrounding areas, according to UNICEF. It’s located more than 900 kilometers (560 miles) west of the capital city, Khartoum.
Sunday’s landslide was one of the deadliest natural disasters in Sudan’s recent history. Hundreds of people die every year in seasonal rains that run from July to October. Last year’s heavy rainfall caused the collapse of a dam in the eastern Red Sea Province, killing at least 30 people, according to the U.N.
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