Trump Enacts 10% Global Tariff, Iran Nuclear Ultimatum, More
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The UK stands apart as a place to do business, not because of one advantage, but many working together. Over £10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth. News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump's now trying to salvage his trade plans and just announced a 10% global tariff on Truth Social following the U.S. Supreme Court's ruling rejecting his sweeping tariff policy.
The Supreme Court's ruling on tariffs is deeply disappointing. And I'm ashamed of certain members of the court, absolutely ashamed for not having the courage to do what's right for our country.
Trump also pushed back on working with Congress and the idea of refunding businesses. But thousands of companies and importers could now sue the government to recoup billions they've already paid in tariffs. Bloomberg's Greg Storr tells us we'll see a lot of those fights play out in lower courts.
It's not yet clear what argument the administration has against refunds for the $170 billion that have been paid in these tariffs under this law, but it sounds like they are prepared to at least make some of them. And then we may well have future fights Over these other laws, including the one that the president said he is going to use to impose that 10% global tariff, that's a more limited authority that is supposed to extend only for 150 days. There may be questions about the exact parameters of what Donald Trump can do under that law.
Still, Treasury Secretary Scott Besson says revenue collected from tariffs will be virtually unchanged this year.
Treasury's estimates show that the use of Section 122 authority combined with potentially enhanced Section 232 and Section 301 tariffs will result in virtually unchanged tariff revenue in 2026.
Besant speaking at the Economic Club of Dallas. Stocks advanced while bonds and the dollar slipped following today's tariff ruling. The Dow added 231 points, up about a half percentage point. The Nasdaq was up 203. The S&P added 48 points. The 10-year Treasury yield at 4.08. The two-year yields at 3.47. Oil hit a near six-month high today as President Trump prepares for a possible military strike against Iran if it doesn't agree to a nuclear weapons deal in the next 15 days.
They better negotiate a fair deal.
Officials are still working on a diplomatic solution, but the International Atomic Energy Agency's board is scheduled to meet in Vienna soon and could ask the UN Security Council to take further action. Till then, Bloomberg's Mike McGlone says it's hard to know how high oil prices will go.
We don't know exactly what's going to happen. Will there be a sustained supply destruction? Probably not.
What is the significance of Trump's 10% global tariff announcement?
Will there be some kind of action? Probably. You don't move an armada there like that and not do anything. But the bottom line is every time we have these pumps due to potential risks of supply curtailment in the Middle East, it pumps up prices to the upper end of the range. The Western Hemisphere, mostly the top producers on the planet now, which is U.S., Canada, and all the way down to Argentina. sell forward on the curve, they bring on more supply, rinse and repeat, the prices go back down. So to me, it's just a question of how high we go, and I think we're in that point of putting in the peak. It's just hard to trade it when you have such uncertainty.
Bloomberg's Mike McGlone. Traders say any unrest in the region could upend crude supplies globally, which means drivers could see higher prices at the pump soon. Right now, according to AAA, the national average is $2.93 a gallon.
How does the Supreme Court's ruling affect Trump's tariff policy?
Meantime, a ship believed to be carrying Russian fuels is now on its way to Cuba. We get more from Bloomberg's Dan Schwartzman.
President Trump's sanctions and blockade of Cuba are being put to the test as a ship believed to be carrying Russian fuels. It's on its way to the island, which is dealing with a deepening energy crisis.
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