Dan Schwartzman

Overall, Brent is up about 18% since the end of last year, despite traders forecasting a record supply surplus.

Dan Schwartzman, Bloomberg Radio.

News when you want it with Bloomberg News Now.

I'm Dan Schwartzman.

In response to the Supreme Court decision to strike down many of President Trump's tariffs, Trump imposed a 10 percent global tariff on foreign goods set to take effect February 24th at 12.01 a.m.

Washington time.

The president is implementing the new baseline duty under Section 122 of the Trade Act of 1974, which grants the president unilateral ability to impose tariffs, but does put a 150-day limit on how long the duties can remain in place.

The president also lashing out at the justices, including three conservative ones, two of whom were nominated by him in his first term, Neil Gorsuch and Amy Coney Barrett.

Trump declined to respond after being asked if he regretted nominating Barrett and Gorsuch, but did say this about the justices and the majority.

When, in fact, they're just being fools and lapdogs for the rhinos and the radical left Democrats.

And that's President Trump.

Treasury Secretary Scott Besson said on Fox News Friday that any refunds from the tariffs struck down by the Supreme Court would be the, quote, ultimate corporate welfare, suggesting he sees no benefit actually flowing to American consumers.

Besson said the amount of revenue affected by the Supreme Court's decision would be closer to $130 billion than estimates of up to $175 billion.

The secretary said litigation over refunds could turn into a months- or years-long process.

In a speech earlier Friday, Besson said that revenue collected from tariffs will be, quote, virtually unchanged in 2026 despite the ruling because the administration would reimpose most of the tariffs using other authorities.

American automakers learned Friday night that they had been spared from tariffs

that President Trump imposed after the Supreme Court ruling.

The White House affirmed in a fact sheet that passenger vehicles and certain trucks and auto parts would not be subject to the duty.

The American Automotive Policy Council, which represents General Motors, Ford, and Stellantis, had sent a letter to Trump's trade team seeking to preserve a framework that protects them from paying multiple import taxes on vehicles and parts.

Automakers had faced billions of dollars in additional costs from Trump's tariffs, particularly those levied on imported autos and car parts.