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EU halts US trade deal over Trump tariffs chaos
EU halts US trade deal over Trump tariffs chaos
Chris Price
Tue, February 24, 2026 at 3:20 AM GMT+9 32 min read
In this article:
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Donald Trump arrives for a White House press conference as his tariff war deepens - AP Photo/Alex Brandon
Wall Street stocks declined on Monday after the European Union delayed a trade deal with the US after Donald Trump said he would impose new blanket 15pc global tariffs.
The tech-heavy Nasdaq Composite and the S&P 500 both shed 1.2pc, while the Dow Jones industrial Average fell 1.5pc.
The European Parliament’s trade committee had been due to vote on Tuesday about whether to adopt a deal that would have lowered duties on both sides of the Atlantic.
However, the plan has been thrown into disarray after the Supreme Court struck down swathes of the US president’s tariffs on Friday.
Mr Trump said he would impose 15pc tariffs on all trading partners around the world under separate laws.
As the EU announced its decision, Mr Trump said he would increase tariffs on countries that “play games”. Sir Keir Starmer’s official spokesman said “nothing is off the table” in response to the upheaval.
In a separate post on his Truth Social platform, the president said he was able to impose tariffs “in a much more powerful and obnoxious way” after the Supreme Court ruling against his global levies.
He said he had “far more powers and strength” after justices ruled he lacked the authority to enact his “liberation day” tariffs introduced last year.
Bernd Lange, the EU trade committee chair, said the new temporary US tariff could mean increased levies for some EU exports and no one knew what would happen after they expire in 150 days.
Justices ruled on Friday that President Trump acted unlawfully when he hit countries with “reciprocal” tariffs last year, prompting him to announce new 15pc levies on imports over the weekend.
The new import taxes can only be imposed for 150 days, however, after which the president must get Congress’s approval.
06:19pm
Signing off…
Thanks for joining us. That’s all we have for today.
Wall Street stocks fell after Donald Trump said he was imposing a 15pc global tariff rate.
The Dow Jones Industrial Average declined 1.4pc, while the S&P 500 and the tech-heavy Nasdaq Composite both slid by 1pc in the early afternoon in New York.
European stocks were also lower after the European Union delayed a trade deal with Washington following the new levy.
Gold and silver climbed and Bitcoin was down as investors sell-off riskier assets in favour of safe-havens.
05:45pm
Bitcoin drops
Bitcoin has fallen below $65,000 for the second time this month as investors react to Donald Trump’s new global tariff.
The world’s biggest cryptocurrency declined 4pc to $64,476, bringing total losses in the past month to almost 30pc.
It comes after the US President said he would the levy from 10pc to 15pc.
05:31pm
Whisky trade body calls Trump’s tariffs ‘deeply worrying’
The Scotch Whisky Association has warned that Donald Trump’s new global tariff rate is “deeply worrying” for the industry.
A spokesman for the group told The Telegraph: “The increase in the US tariff on Scotch Whisky from 10pc to 15pc is deeply worrying.
“We, alongside industry counterparts in the US, urge governments on both sides of the Atlantic to double efforts to secure a deal that permanently returns to zero-tariff trade for Scotch Whisky.
“In the meantime it is vital, given the pressures on the Scotch Whisky industry, that the UK government reduces the crushing cost burdens on the sector, including the most recent rise in spirits duty.”
A whisky trade body has warned that Donald Trump’s 5pc boost in tariffs is “deeply concerning” for the industry. - Jeff J Mitchell/Getty Images Europe
05:08pm
Small businesses to struggle from new Trump tariffs
Smaller businesses may struggle to adapt to Donald Trump’s new tariff rate, AJ Bell said.
Danni Hewson, of AJ Bell, wrote in a note: “Investors have come to expect chopping and changing from the current US president, but the present tariff turmoil makes charting the course ahead even more impossible than it already was, which makes it no surprise that the safe haven allure of gold has been back in play.
“How will current trade deals fit into the new framework? Will ‘Plan B’ require sign off from Congress or will Donald Trump’s administration be able to keep reapplying the new tariffs every 150 days? What about the billions that have flowed into US coffers over the past months. Will that have to be paid back?
“Whilst bigger businesses have the capacity and cash flow to weather this fresh storm front, smaller companies will be feeling rather weary and some will struggle to come up with their own Plan B.
“Falling back on the TACO trade isn’t going to work this time because these new tariffs simply replace those that the president already signed off, and he won’t want to lose his key negotiating tool whilst his relations with the rest of the world remain so volatile.”
04:59pm
Gold rises on tariff uncertainty
Gold and silver prices have risen amid uncertainty following Donald Trump announcing a new global tariff rate.
Gold futures advanced almost 3pc to $5,213 an ounce, the highest the metal has reached this month. Meanwhile, silver climbed 5pc to $86.92 an ounce.
Bullion is seen as a safe-haven asset by investors, and has previously broken through new thresholds during periods of economic and geopolitical uncertainty.
04:50pm
European stocks fall at the close
European stocks have declined at the close after the European Union delayed a trade deal with Washington amid uncertainty regarding Donald Trump’s new tariffs.
The FTSE 100 broadly flatlined, clsoing just 0.04 pc down.
France’s Cac slid 0.2pc and Germany’s Dax fell 1.1pc.
The European Parliament’s plans to hold a vote on Tuesday about whether to form a deal to lower levies on both sides of The Pond was thrown into disarray after the Supreme Court ruled to strike down the President’s levies.
04:45pm
Trump’s Plan B tariffs ‘worse for British businesses’
One of the UK’s biggest business lobbying groups said Donald Trump’s new blanket 15pc tariff rate is proving to be “worse for British businesses.”
William Bain of the British Chambers of Commerce said: “The 40,000 UK companies exporting goods to the US will be dismayed at this latest turn of events.
“We had feared that the President’s Plan B response could be worse for British businesses and so it is proving.
“This means an extra 5% increase in tariffs on a wide range of UK goods exports to the US, except those covered under the Economic Prosperity Deal.
“This will raise the tariff cost on UK exports to the US by between £2bn and £3bn.
“This will be bad for trade, bad for US consumers and businesses and weaken global economic growth.”
04:34pm
Trade body warns of higher tariffs for UK businesses
A trade body has warned that the UK will be hit with even higher tariffs after Donald Trump announced his new 15pc global rate.
Duncan Edwards, chief executive of BritishAmerican Business, which represents nearly 500 companies on either side of the Atlantic, said: “The new 15pc tariff on imports into the US, imposed under section 122 of the 1974 Trade Act means an effective 50pc increase in the tariff rate for most UK exporters to the USA which will come into effect on Tuesday 24th February.
“This is clearly disappointing news and begs important questions which the UK team will need to raise with their opposite numbers and for which businesses will be hoping for answers.
“First, will the UK be granted a ‘discounted’ 10 per cent tariff under this new Executive Order in line with the Economic Prosperity Deal? Second, will UK exporters be able to claim back tariffs that have been previously paid and how will that process work? And third, what will happen when the 150 day period allowed by the Act expires?
“It seems to us that the answer to the third point now lies with Congress which will have to decide whether the trade policies promised by this administration during the election become enshrined in law. Given the narrow margins in both houses of Congress a definitive answer looks unlikely, so business would be wise to expect continued uncertainty.”
04:27pm
Tariff uncertainty leads to stock declines
The uncertainty regarding Donald Trump’s new global tariffs and what the Supreme Court ruling will mean for tariffs already imposed has pushed stocks lower.
Joe Mazzola, of Charles Schwab, said: “Tariff uncertainty reigned this morning, pushing stocks to early losses and raising volatility on Wall Street.
“Investors kept buzzing over the Supreme Court’s 6-3 decision Friday to overturn President Trump’s trade barriers, which threw world trade into confusion and raised questions about the durability of trade deals struck under auspices of the tariff regime.”
Tariff uncertainty has pushed stocks lower. - Michael M. Santiago/Getty Images North America
04:19pm
Wall Street down on tariff hike
US stocks fell in the late morning in New York after Donald Trump said he would be imposing a blanket 15pc global tariff after the Supreme Court struck down his “Liberation Day” levies.
The Dow Jones Industrial Average declined 1.6pc, while the tech-heavy Nasdaq Composite was down 1.4pc.
The S&P 500 shed 1.1pc.
03:55pm
Trump speaks at the White House
Donald Trump has been giving a press conference at the White House as part of the Angel Families Remembrance Ceremony for families of victims of crimes by illegal migrants.
He and some of the victims have been speaking for more than half an hour. No mentions yet of tariffs.
Donald Trump speaks during the Angel Families Remembrance Ceremony in the White House - SAUL LOEB / AFP via Getty Images
03:27pm
US stocks fall in tariff turmoil
Wall Street fell sharply as the EU put on ice its trade deal with the US following Donald Trump’s fresh tariff tirade.
The Dow Jones Industrial Average was down 1.4pc in early trading as exporters face a blow from the suspension of the trade agreement.
The benchmark S&P 500 and tech-heavy Nasdaq Composite dropped 0.6pc.
03:19pm
German carmakers fear ‘serious consequences’ of halted trade deal
Germany’s car industry said the suspension of the EU-US trade agreement could have serious consequences for Europe’s largest economy, which is heavily driven by exports.
Hildegard Mueller, the head of the German car industry association VDA, said: “The European Parliament’s plan to suspend ratification of the trade agreement with the US could prompt the US government to fundamentally question or terminate the customs deal that has already been agreed – with potentially serious consequences for Germany’s export-oriented economy.”
The head of VDA warned of ‘serious consequences’ for German carmakers, like BMW, as the EU-US trade deal was suspended - Sean Gallup/Getty Images
03:05pm
EU postpones trade deal with US
The European Parliament has postponed a vote on the European Union’s trade deal with the US after Donald Trump said he would impose new blanket 15pc tariffs.
The parliament’s trade committee had been due to vote on Tuesday about whether to adopt a deal that would have lowered duties on both sides of the Atlantic.
However, the plan has been thrown into disarray after the Supreme Court struck down swathes of the US president’s tariffs.
Mr Trump responded by saying he would impose 15pc tariffs on all trading partners around the world under separate laws.
Bernd Lange, the EU trade committee chair, said the new temporary US tariff could mean increased levies for some EU exports and no one knew what would happen after they expire in 150 days.
02:43pm
Trump threatens tariffs on countries that ‘play games’
Donald Trump said he would increase tariffs on countries that “play games” after the Supreme Court ruled against swathes of his global levies.
The US president posted his latest threat on his Truth Social account hours after it was reported that the European Commission was poised to delay the ratification of its trade agreement with the US following the latest tariff uncertainty.
Sir Keir Starmer’s spokesman has also said “nothing is off the table” after Mr Trump said he would use different trade laws to impose 15pc tariffs around the world.
02:34pm
Wall Street edge lower amid tariff worries
US stock indexes slipped slightly at the start of the week after Donald Trump said he could impose “much more powerful and obnoxious” tariffs around the world.
The tech-heavy Nasdaq Composite declined by 0.1pc to 22,873.20 but the S&P 500 and Dow Jones Industrial Average were little changed at 6,912.69 and 49,640.43, respectively.
02:27pm
Dollar falls despite bets on higher rates
The value of the dollar has dropped today despite traders scaling back bets on rate cuts over Donald Trump’s latest tariff turmoil.
The US currency fell as much as 0.5pc against major rivals as the US president threatened to impose 15pc tariffs on global trading partners.
However, traders have also scaled back bets on interest rate cuts by the Federal Reserve over concerns that Mr Trump’s levies will drive up inflation.
Money markets are now suggest a rate cut could come as late as September, compared to a latest possible date of July before the Supreme Court’s ruling on Friday.
Carsten Brzeski, an analyst at ING, said the bank remains “nervous about further potential consumer goods price increases” as “corporate America is bearing the bulk of the burden from tariff costs”.
The reduction in bets on rate cuts also follows higher than expected US core personal consumption expenditures (PCE) data on Friday, which is the Fed’s preferred measure of inflation.
02:00pm
Trump’s tariff turmoil triggers worst run for private equity since 2008
Donald Trump’s tariff turmoil has triggered the worst run for private equity since the financial crisis, with the industry returning fewer profits to investors for the fourth year running.
Private equity firms distributed 14pc of their net asset value to investors for the second year in a row in 2025, according to a new report from Bain & Co, the management consultancy. This is down from 32pc in 2021.
While the latest level of returns is higher than during the financial crisis, it means the rut has lasted longer than after the 2008 crash, as returns have lagged historical averages for four straight years. After the financial crisis, distributions rebounded after just two years.
Donald Trump’s ‘liberation day’ announcement last April sent the stock market into a meltdown - Al Drago/Getty Images
01:39pm
Wall Street poised for slump over tariff threats
US stocks were on track to fall at the opening bell as Donald Trump’s fresh tariff tirade hit markets.
The Dow Jones Industrial Average and S&P 500 were down 0.4pc in premarket trading, with the Nasdaq 100 lower by 0.5pc.
The US president has ramped up his rhetoric around his newly announced 15pc tariffs after the US Supreme Court on Friday struck down his “liberation day” levies from last year.
Rodrigo Catril, an analyst at NAB, said: “The tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market.
“Unless common sense prevails, we could be entering a circular process where new tariffs are announced, then potentially overturned, only for new tariffs to be announced, and we do the dance again.”
US stock markets also face a test later this week from Nvidia’s results, which have become a huge macro-economic event given that the chip designer makes up almost 8pc of the S&P 500 index.
01:26pm
Starmer ‘in very bad place’ with Trump, says Farage
Sir Keir Starmer is in a weak negotiating position with Donald Trump after blocking the US from using British military bases to strike Iran, Reform UK leader Nigel Farage has said.
The US president has threatened to impose 15pc global tariffs in the wake of his defeat in the US Supreme Court.
Mr Farage told broadcasters: “The Trump tariffs, as announced a couple of days ago, will hurt us, which just goes to show that the relationship between us and Trump really matters.
“He’s going to be there for several more years to come, and I’m not sure this Prime Minister now is in a very strong position with Donald Trump.
“I think telling the Americans that they can’t use bases on UK soil to attack the appalling Iranian regime now puts us in a very, very bad place.
“I would suggest on tariffs right now, we don’t have a negotiating position.”
Nigel Farage says he is not sure that Sir Keir Starmer ‘is in a very strong position with Donald Trump’ - Carl Court/Getty Images
12:55pm
UK ‘continuing to engage’ with US over tariffs
The Prime Minister’s official spokesman was unable to give a timetable for when the Government might get clarity on how Donald Trump’s latest tariffs would apply to British goods and services.
He was also unable to say whether agreements on trade in steel and cars would be honoured.
The spokesman said: “UK teams across Whitehall and in Washington are also continuing to engage with the US administration at all levels. Those discussions will continue this week.
“Our priority throughout is to secure the best possible outcome for British businesses.
“As you’d expect, discussions are still ongoing, and it is an evolving situation. So we won’t provide a running commentary on the discussions beyond what I’ve just set out, but whilst we understand the uncertainty this creates, businesses and the British public can be assured that we’re focused on protecting them and the national interest.”
12:41pm
‘Nothing off the table’ after Trump tariff threats, says No 10
Downing Street said that “nothing is off the table” after Donald Trump threatened to impose 15pc global tariffs in the wake of his defeat in the US Supreme Court.
The Prime Minister’s official spokesman said: “Our approach to the US has always been pragmatic. We continue to have productive conversations with them… and those discussions are happening at all levels, but nothing is off the table at this stage.
“Industry doesn’t want to see a trade war where both sides keep escalating the situation, and that’s why our focus is on constructive engagement with our US counterparts to retain the UK’s competitive advantage.”
Business Secretary Peter Kyle spoke to his US counterpart Jamieson Greer over the weekend and “underlined his concerns about further uncertainty for business and reinforced the need to honour the UK-US deal”, the spokesman added.
12:19pm
Trump threatens ‘more powerful and obnoxious’ tariffs
Donald Trump said he will be able to impose tariffs “in a much more powerful and obnoxious way” after the Supreme Court ruling against his global levies.
The US president said on his Truth Social platform that he now has “far more powers and strength” after justices said he did not have the authority to enact his “liberation day” tariffs last year.
He said the Supreme Court had given him the ability “to do absolutely ‘terrible’ things to foreign countries” under its “ridiculous, dumb, and very internationally divisive ruling”.
“The court has also approved all other Tariffs, of which there are many, and they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used,” he wrote.
In a rambling outburst, he said the “incompetent supreme court did a great job for the wrong people”.
He said: “The next thing you know they will rule in favor of China and others, who are making an absolute fortune on Birthright Citizenship, by saying the 14th Amendment was NOT written to take care of the “babies of slaves,” which it was as proven by the EXACT TIMING of its construction, filing, and ratification, which perfectly coincided with the END OF THE CIVIL WAR.
“How much better can you do than that? But this supreme court will find a way to come to the wrong conclusion, one that again will make China, and various other Nations, happy and rich.”
11:50am
Tariffs here to stay, warns Bank of England official
A policymaker at the Bank of England has warned that the shock from US tariffs will take years to play out.
Prof Alan Taylor, who has consistently voted for sharper cuts to interest rates, said that the high US tariff regime was “here to stay”.
He suggested at a Deutsche Bank event that “scarring” was holding back spending and investment.
But he warned that inflation in Britain’s dominant services sector has not fallen as quickly or as far as hoped.
11:39am
New Trump tariffs ‘threaten hard won agreements’
The European Union will not ratify a trade deal with the US if the Trump administration “ reserves the right to unilaterally change the rules of the game”, an investment manager has warned.
Michaël Nizard, head of multi-asset at Edmond de Rothschild Asset Management, said the trade deal between the US and EU would “find itself suspended” after the US president said he was imposing new 15pc tariffs after the Supreme Court struck down most of his import taxes.
The European Commission officially requested “full clarification” of the trade situation, reiterating that “an agreement is an agreement.”
Mr Nizard said: “The underlying message is that Parliament will not ratify a text if the US reserves the right to unilaterally change the rules of the game.”
He added that the “US trade trajectory is now dependent on legal and political decisions”, as the new 15pc levies have to be withdrawn after 150 days if they do not gain approval from Congress.
11:20am
EU to hold off approving US trade deal
The EU is poised to put on ice plans to ratify its trade deal with the US after Donald Trump announced new 15pc global tariffs.
The main political groups in the European Parliament have said they will suspend work on approving the agreement today, according to Bloomberg News.
It comes in the wake of the Supreme Court’s ruling against the US president’s “liberation day” import taxes, which prompted Mr Trump to announce new tariffs under a different trade law.
10:47am
UK stocks fall as tariff uncertainty lingers
The FTSE 100 edged lower as investors awaited clarity on how Donald Trump’s new 15pc tariffs would be imposed.
The UK’s flagship stock index declined by 0.1pc as it was unclear whether Britain would lose its preferential trade terms with the US.
Britain agreed a deal after last year’s “liberation day” onslaught of import taxes but the Supreme Court said on Friday the tariffs were illegal, prompting the US president to announce fresh 15pc levies under a different law.
The domestically focused FTSE 250 was down 0.7pc.
The worst performer was Johnson Matthey, which plunged as much as 17.4pc after the speciality chemicals company agreed to slash the sale price of its Catalyst Technologies business by more than a quarter to £1.3bn in a deal with Honeywell International.
10:16am
Trump’s options after Supreme Court ruling
Donald Trump could still impose global tariffs throughout his presidency under separate laws to his “liberation day” tariffs, analysts said.
The president was told by justices he did not have the authority to impose his “reciprocal” tariffs under the International Emergency Economic Powers Act (IEEPA) without Congressional approval.
After Friday’s ruling, the US administration has invoked Section 122 of the 1974 Trade Act, which allows tariffs of up to 15pc for as long as 150 days to quickly address “international payment problems”.
Carsten Brzeski of Dutch bank ING said: “The tariffs would expire after 150 days unless Congress extends them.
“However, the President could, in theory, allow the surcharge to expire, declare a new emergency, and restart the 150-day period.
“This would create a de facto perpetual tariff instrument.”
He added that using Section 122 “could bring new legal problems for Trump”, adding it was a “a trade instrument that has never been used in practice”.
He added: “Given that the latest tariffs can also be legally challenged, they might just be a measure to buy some time for another tariff option: Section 301 of the 1974 law.
“This Section 301 addresses unfair trade practices or violations of trade agreements but requires more thorough investigations.”
09:42am
German recovery threatened by tariff uncertainty
The German economy has showed stronger signs of recovery, according to a key survey taken before the latest tariff upheaval.
The Ifo business climate index surged to 88.6 in February, from 87.6 in January, which was the highest level since last summer.
The data indicates sentiment has improved in Europe’s largest economy as its government ramps up spending on defence and infrastructure.
Carsten Brzeski, an analyst at Dutch bank ING, said: “Germany wouldn’t be Germany these days if there weren’t a catch to the tentative good news.
“Renewed tariff uncertainty – now carrying a greater risk of escalating into a full‑blown trade war than last year – alongside a stronger euro and the recent winter weather, once again forms a long list of potential downside risks.”
09:22am
UK borrowing costs edge lower in trade turmoil
The cost of UK government borrowing fell slightly as investors waited to see how the new global trade order plays out.
The yield on 10-year UK gilts, as Britain’s government bonds are known, fell slightly to 4.34pc, lowering the return the Treasury promises to pay buyers of its debt.
Investors tend to turn to government bonds in times of uncertainty, given their near guaranteed returns.
Sovereign debt yields across Europe were little changed as investors waited to see if trade deals agreed between the likes of Britain and the EU with the US would be honoured.
It comes after Donald Trump’s “liberation day” tariffs were struck down by the Supreme Court last week, prompting the US president to announce new 15pc tariffs over the weekend.
08:56am
Hong Kong stocks rally after China’s tariff boost
Hong Kong stocks jumped as China is set to receive lower tariffs after the US Supreme Court ruling.
The benchmark Hang Seng Index closed up 2.5pc at to 27,081.91. Mainland markets will resume trading on Tuesday after the nine-day Lunar New Year holiday.
Sentiment was largely upbeat following the US Supreme Court’s decision on Friday to strike down Donald Trump’s sweeping tariffs.
China should see the largest tariff reduction as it faces the highest tariff rates at the outset, declining to 24pc from 32pc, according to analysts at Morgan Stanley.
President Trump will travel to China from March 31 to April 2 for a highly anticipated meeting between the leaders of the world’s two biggest economies.
Zhang Qiyao, an analyst at Industrial Securities, said: “The US tariff ruling and Trump’s finalised China visit schedule is lending a support to risk appetite.”
08:39am
European shares fall as Trump announces 15pc tariffs
European shares dipped in the fresh wave of uncertainty after Donald Trump announced a new rate of global tariffs.
The pan-European Stoxx had capped last week with a record high after the Supreme Court struck down tariffs that the US president had slapped on global economies last year.
Over the weekend, Mr Trump announced a new 10pc rate and then lifted it to 15pc, sparking ambiguity over the relevance of trade deals such as with the EU. The European Commission has ruled out changes.
On Monday, the Stoxx slipped 0.3pc to 628.62 points by 0815 GMT, with Germany’s Dax down the most by 0.7pc. The Cac 40 in France fell 0.3pc.
Most sectors were in the red, with technology leading declines with a 1.3pc drop.
The European Commission demanded on Sunday that the US stick to the terms of an EU-US trade deal reached last year.
The Commission, which negotiates trade policy on behalf of the 27 EU member states, said Washington must provide “full clarity” on the steps it intends to take following the Supreme Court ruling.
“The current situation is not conducive to delivering ‘fair, balanced, and mutually beneficial’ transatlantic trade and investment, as agreed to by both sides”, the Commission said. “A deal is a deal.”
08:20am
Trump official suggests UK trade deal with US ‘to stand’
The US trade representative suggested Britain’s trade deal with the US would “stand” despite the Supreme Court ruling against Donald Trump’s “liberation day” tariffs.
Jamieson Greer suggested on Sunday that arrangements with global trading partners would be separated from the US president’s plans to impose a 15pc global tariff.
“We want them to understand these deals are going to be good deals,” Mr Greer told CBS.
“We’re going to stand by them. We expect our partners to stand by them.”
08:06am
UK stocks flat amid tariff turmoil
The FTSE 100 was little changed at the start of trading amid uncertainty over what Donald Trump’s new tariff regime means for Britain and the rest of the world.
The UK’s flagship stock index was flat at 10,686.09 while the mid-cap FTSE 250 was also static at 23,755.85.
08:01am
Tariffs rate will fall this year, says Deutsche Bank
The effective tariff rate paid around the world will fall this year, Deutsche Bank analysts said in the wake of the Supreme Court ruling.
The decision that IEEPA tariffs were unlawful will reduce the percentage of customs duties collected on imported goods from 16pc before the decision to 14pc, according to the Yale Budget Lab.
Deusche Bank analyst Jim Reid said this added to comments by US Trade Representative Jamieson Greer, who “seemed to suggest yesterday that trade deals already agreed will remain in place and not be exposed to the new higher rate”.
He said: “We continue to expect the effective tariff rate to fall in 2026.
“Indeed, since October the average customs duty collected has already declined by around two percentage points, to roughly 11pc, largely due to carve outs and exemptions.
“Some of this easing has been attributed to the administration’s weak showing in local elections in early November, highlighting the domestic political constraints on another aggressive tariff escalation.”
07:43am
UK and European stocks on track to fall
The FTSE 100 was poised to drop at the open as Donald Trump’s new 15pc tariffs leaves Britain potentially worse off after the Supreme Court ruling.
The UK’s preferential 10pc deal has been called into questions by the US president’s reaction to the justices’ decision on Friday.
The British Chambers of Commerce estimates the cost of UK exports to the US will rise by as much as £3bn unless officials can agree a fresh deal to exempt Britain from Mr Trump’s new levies.
An analysis by Global Trade Alert, a monitoring service, found that Britain is facing the biggest increase in US tariffs – an effective 2.1 percentage point increase as a result of Mr Trump’s new 15pc global baseline.
Most European markets were also on track to fall.
07:25am
Dollar hit by Trump trade turmoil
The pound was higher against the dollar as the US currency was hit by the latest tariff uncertainty.
Sterling was up 0.4pc to $1.353 as the dollar also sank against the euro by 0.4pc and versus the Japanese yen by 0.3pc.
Rodrigo Catril at National Australia Bank said that while many of Donald Trump’s tariffs “may be dead, Trump’s trade regime isn’t”.
“The administration has several avenues it can pursue, these are likely to be litigated over several years, but there is no sign President Trump is planning to back down.
“Another conclusion is that the tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market.
“Unless commonsense prevails, we could be entering a circular process where new tariffs are announced, then potentially overturned, only for new tariffs to be announced, and we do the dance again.”
07:17am
Stocks rise as Supreme Court hands countries better trade deal
Stocks rose as many countries on the sharper end of tariffs ended up with better trade terms after the Supreme Court ruling.
Benjamin Picton of Rabobank said the reactions highlighted “the winners-and-losers effect of shifts in tariff policy that has just delivered a boost to countries who previously had a comparatively bad deal”.
Hong Kong’s Hang Seng index surged 2.6pc to 27,089.57 after Donald Trump’s liberation day tariffs were ruled illegal.
In South Korea, the Kospi rose 0.7pc to 5,846.09, Taiwan’s Taiex added 0.5pc and the Sensex in India was up 0.4pc.
However, Australia’s S&P/ASX 200 shed 0.6pc to 9,026.00. Markets in Japan and mainland China were closed for holidays.
Mr Picton added: “US tariff policy will continue to be a source of uncertainty for markets as traders attempt to price in the implications of what is still a movable feast.”
06:53am
Bitcoin drops after tariff turmoil
Bitcoin fell sharply after Donald Trump’s promise of 15pc global tariffs sparked uncertainty.
The world’s largest cryptocurrency fell as much as 4.8pc to $64,300. Other digital assets were worse hit, with second-largest token Ether down 5.2pc.
Stephen Innes of SPI Asset Management said that riskier assets were “not being torched” but instead “marked down” after Donald Trump threatened new tariffs.
06:04am
Tariffs leave Britain the hardest hit
05:49am
Gold surges to three-week high
Gold prices surged to their highest level in more than three weeks on Monday as fresh uncertainty surrounding tariffs weighed on the dollar and drove investors towards the safety of bullion.
Spot gold climbed 1.1pc to $5,161.64 per ounce at 4.19am GMT, earlier hitting its highest since January 30. US gold futures for April delivery were up 2pc at $5,183.
“The court’s tariff ruling has, aside from earning the ire of the US president, added another layer of uncertainty to global markets with traders again turning to gold as a defensive play,” Tim Waterer, KCM chief analyst, said.
05:33am
China urges US to scrap tariffs
China on Monday urged Washington to lift “unilateral tariff measures”, warning that fighting between the two countries was “harmful”.
The country also said it would make a “full assessment” of the US Supreme Court’s tariff ruling.
“US unilateral tariffs … violate international trade rules and US domestic law, and are not in the interests of any party,” China’s Commerce Ministry said.
“Cooperation between China and the United States is beneficial to both sides, but fighting is harmful.”
Trade and tariffs are expected to dominate the agenda for both China and the US ahead of a highly anticipated visit by Mr Trump to the country in late March and early April.
04:58am
Good morning
Thanks for joining me. Stock markets were higher despite Donald Trump’s latest tariff tirade - but gold prices climbed. Here is what you need to know.
5 things to start your day
Britain is biggest loser from Trump’s new tariffs | Trade with the US is becoming ‘even more chaotic’ amid rising uncertainty, experts warn
Xi gains the upper hand as Trump’s trade war is plunged into chaos | China moves to reduce reliance on US technology and imports as the threat of tariffs eases
How Epstein used London’s reputation-laundering industry to cover up his crimes | The paedophile financier was a prolific user of Britain’s senior libel lawyers and PR specialists
Scaffolder shortage deals fresh blow to Labour’s building plans | Experts warn of declining ‘talent problem’ as 7pc of the workforce is set to retire by 2029
Ignore the doomsters: AI could be good for Britain | Roger Bootle writes that no matter what, artificial intelligence will never be better than humans at being human
What happened overnight
The dollar weakened in early Asia trading as uncertainty lingers over Donald Trump’s sweeping reciprocal tariffs.
S&P 500 futures opened lower and stocks in Australia erased an earlier advance.
Hong Kong led regional gains as its Hang Seng index surged 2.2pc to 27,003.47. But the Shanghai Composite index lost 1.3pc to 4,082.07.
MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.9pc in light trade.
Markets in Japan and mainland China were closed for holidays.
Meanwhile, gold prices jumped to a more than three-week high as investors turned to the safety of bullion.
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