Nathan Hager

Now that the Supreme Court has struck down emergency tariffs, the European Union is freezing final approval of its trade deal with the U.S., and India has called off a trip to Washington as well to put the finishing touches on their agreement.

President Trump posted on Truth Social that he'll put much higher tariffs on countries that, quote, play games with the high court ruling.

Bloomberg's Brendan Murray reports the president's already announced a 15 percent tariff under Section 122 of the Trade Act.

Brendan Murray is Bloomberg's global trade editor.

And while some companies are pushing for refunds, House Ways and Means chairman Jason Smith says he doesn't see that coming through Congress.

House Ways and Means Chair Jason Smith was a guest on Bloomberg Television, ahead of President Trump's first State of the Union address since his return to office.

That is set for tomorrow night at 9 p.m.

Wall Street time.

Our coverage begins at 8 on a special edition of Balance of Power with Joe Matthew and Kayleigh Lyons.

Catch our coverage on Bloomberg Radio, Bloomberg Television, and Bloomberg.

and Bloomberg.com slash videos.

The new trade uncertainty has stocks falling and treasuries climbing.

Right now, the S&P 500 is down 1.2%.

The Dow Jones Industrial Average is lower by 1.2%.

That's a drop of more than 800 points.

The Nasdaq Composite is down 1.4%.

The 10-year Treasury is up 14.32%, bringing the yield down more than five basis points to 4.02%.

Oil is on the rise.

West Texas Intermediate is up six-tenths of one percent on renewed tensions in the Middle East.

The State Department's ordered non-emergency personnel to leave the U.S.