Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to earnings from chipmaker Nvidia along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to a special election in the UK.
• In Asia – a look ahead to India Prime Minister Narendra Modi’s two-day visit to Israel.

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The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in.

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. “We’re either going to get a deal, or it’s going to be unfortunate for them,” Trump told reporters Thursday aboard Air Force One. On a deadline, Trump said he thought 10 to 15 days was “pretty much” the “maximum” he would allow for negotiations to continue. The deployment is unlike anything the US has done since 2003, when it amassed forces before the invasion of Iraq. It dwarfs the military buildup that Trump ordered off the coast of Venezuela in the weeks before he ousted President Nicolas Maduro. While the US isn’t likely to deploy ground troops, the buildup suggests Trump is giving himself discretion to launch a sustained campaign lasting many days, in cooperation with Israel.
2) President Trump declared victory in the fight over cost-of-living concerns, signaling a new approach that seeks to deny problems with his economic agenda while touting stock market gains to insist that his tariff plans have been a success. Pocketbook issues have emerged as the central focus of the upcoming November congressional elections with households hit hard by costs for groceries, utilities and housing. Polls show voters have soured on Trump’s economic policies, endangering Republicans’ hold on both chambers of Congress and the future of the president’s legislative agenda. Trump and allies have highlighted slowing inflation and job growth that has come in above expectations, but that has failed to assuage voters, and opened the door for Democrats who have seized on that discontent to boost their midterm prospects.
3) Andrew Mountbatten-Windsor, the brother of the UK’s King Charles, was released under investigation on Thursday after being arrested on suspicion of misconduct in public office. The Thames Valley Police confirmed it had released a Norfolk man in his sixties, without mentioning the former royal by name. Last week, the police force said it was leading the assessment of allegations tied to the US Department of Justice’s publication of files related to convicted sex offender Jeffrey Epstein. King Charles III issued a statement outlining his “deepest concern” about the matter and promising Buckingham Palace’s “full and wholehearted support and co-operation” with the investigating authorities. The arrest of Andrew, who turned 66 on Thursday, heaps further embarrassment on Britain’s royal family following years of lurid allegations about ties with Epstein that the former prince has consistently denied. His arrest appears to be the first of a UK royal since King Charles I in the 17th century following his defeat in the English Civil War.

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