On August 29 local time, a U.S. appeals court ruled that most of President Trump's global tariff policies were illegal. The court stated that these tariff increases could remain in effect until October 14 to allow the U.S. government to appeal to the Supreme Court.

According to a CCTV News report, the Federal Circuit Court of Appeals in Washington ruled that the International Emergency Economic Powers Act does not explicitly grant the U.S. president the authority to impose tariffs, and Trump's invocation of the act to levy tariffs exceeded his presidential powers.

Additionally, according to Reuters, the court's ruling does not affect tariffs imposed by the Trump administration under other regulations, such as the steel and aluminum tariffs.

U.S. President Trump criticized the appeals court ruling via social media on the same day, calling it "wrong" for demanding the removal of tariffs and emphasizing that the existing tariffs remain in effect. Trump stated that if the tariffs were removed, "it would be an absolute disaster for the United States."

An inflation indicator favored by the Federal Reserve showed that U.S. inflation rose slightly in July, indicating that President Trump's tariff policies are impacting the U.S. economy. Price increases remain a risk for the U.S. stock market.

On August 29, the three major U.S. stock indices collectively fell. The Nasdaq closed down 1.15%, after three consecutive days of gains, with a weekly cumulative decline of 0.19%; the S&P 500 fell 0.64%, with a weekly cumulative decline of 0.1%; the Dow fell 0.2%, with a weekly cumulative decline of 0.19%.

In August, the Dow accumulated a gain of 3.21%, the Nasdaq rose 1.58%, and the S&P 500 increased by 1.91%, marking the fourth consecutive month of gains.

Most major tech stocks declined, with Tesla, NVIDIA, and AMD falling over 3%, Intel down over 2%, Amazon, Meta, and Netflix dropping over 1%, and Microsoft and Apple slightly declining.

Most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index closing up 1.55%, posting a weekly cumulative decline of 0.1% but an August cumulative gain of 6.03%, marking four consecutive months of gains. Alibaba surged nearly 13%, achieving its best single-day performance since March 2023. Company executives stated that over the past four quarters, they had cumulatively invested over 100 billion yuan in AI infrastructure and AI product development.

Due to the U.S. Labor Day holiday, the U.S. stock market will be closed next Monday (September 1).