Morning Business Report: 25 states sue Trump administration over new tariffs as Dow closes at record high

A coalition of 25 Democratic-led states has filed a lawsuit against the Trump administration over new tariffs ranging from 10% to 12.5% on goods imported from 60 trading partners.

(LILAMAX)- A coalition of 25 Democratic-led states has filed a lawsuit against the Trump administration over new tariffs ranging from 10% to 12.5% on goods imported from 60 trading partners.

The lawsuit asks the court to block and overturn the tariffs and require refunds for money already paid by the states. State leaders argue the tariffs amount to an illegal, multi-billion-dollar tax on consumers and local businesses.

Meanwhile, JPMorgan Chase announced it will invest $750 billion through 2035 to help expand homeownership in the United States.

The bank says the funding will build or preserve one million affordable housing units and help half a million customers purchase homes through its “American Dream Initiative.”

On Wall Street, the Dow Jones Industrial Average surged nearly 700 points Monday to a record close as big technology stocks rallied and oil prices declined.

IMAX shares also reached an all-time high after the company posted its third consecutive weekend of more than $50 million in global ticket sales, driven by The Odyssey. The company’s stock has doubled over the past year.

And while it’s only August, Starbucks has already announced the return of its fall menu. The company says the Pumpkin Spice Latte and an expanded lineup of pumpkin spice drinks will return to stores on Aug. 25.