FT News Briefing The challenge to Delaware’s corporate dominance
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May 29, 2025 A US court struck down Trump's controversial tariff scheme, while Nvidia celebrates a staggering 70% surge in revenues fueled by AI. Tensions rise as the US decides not to renew Chevron's oil license in Venezuela. The competition heats up between Texas and Nevada, both vying to dethrone Delaware's long-held corporate dominance. This showdown promises to reshape corporate law and influence major companies, sparking discussions on the future of business incorporation in the U.S.
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Court Rejects Trump Tariff Powers
- A US court invalidated Trump's use of emergency powers for tariffs, undermining his recent global tariff scheme.
- This ruling questions presidential authority to impose sweeping trade levies under emergency economic legislation.
US Pulls Chevron License in Venezuela
- The Trump administration is ending Chevron's oil license in Venezuela to stop supporting Maduro's regime.
- This move escalates US-Venezuelan tensions and reflects a hawkish approach within the administration.
Nvidia Thrives Amid AI Boom
- Nvidia's revenue surged nearly 70% due to the AI boom despite trade challenges.
- US export controls restrict Nvidia's AI chip sales specifically to China.