P.M. Edition for July 31. As President Trump’s deadline approaches for countries to establish trade agreements, <a href="https://www.wsj.com/economy/trade/trumps-tariff-authority-is-tested-in-court-as-deadline-on-trade-deals-looms-09b323f1?mod=WSJ_WNPOD">an appeals court hears arguments</a> about whether he can use <a href="https://www.wsj.com/us-news/law/trump-sees-emergencies-everywhere-judges-are-considering-whether-to-rein-him-in-2ffb2c76?mod=WSJ_WNPOD">emergency powers</a> to impose tariffs. We hear from <a href="https://www.wsj.com/news/author/jess-bravin?mod=WSJ_WNPOD">Jess Bravin</a>, who covers the U.S. Supreme Court for the Journal, about where the case goes from here and the implications of a decision. Plus, Microsoft has become the second company in the world to notch a <a href="https://www.wsj.com/tech/ai/microsoft-just-became-the-worlds-second-4-trillion-company-60592a04?mod=WSJ_WNPOD">$4 trillion market capitalization</a>. WSJ technology reporter <a href="https://www.wsj.com/news/author/sebastian-herrera?mod=WSJ_WNPOD">Sebastian Herrera</a> discusses how it achieved this milestone, and which company may be next. And shares of software company <a href="https://www.wsj.com/finance/stocks/figma-shares-jump-over-200-in-stock-market-debut-605f6212?mod=WSJ_WNPOD">Figma jump 250%</a> in the company's stock market debut, adding fuel to an IPO comeback already under way. Alex Ossola hosts.
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