Trump Enacts 10% Tariff After SCOTUS Decision, Oil Rebounds, More
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News when you want it, with Bloomberg News Now, I'm Dan Schwartzman. In response to the Supreme Court decision on Friday to strike down many of President Trump's tariffs, Trump imposed another tariff.
Today I will sign an order to impose a 10% global tariff under Section 122. Over and above are normal tariffs already being charged. And we're also initiating several Section 301 and other investigations to protect our country from unfair trading practices of other countries and companies.
That's President Trump. One of the biggest questions remaining is if the government would have to refund the tariffs back to companies with the amount thought to be in the $170 billion range. Sarah Albrecht is chair of the Liberty Justice Center and lead plaintiff in the Supreme Court's tariff case. She says the high court's ruling Friday is a huge win for small businesses and believes money will be returned.
The IEPA tariffs, those will be refunded. I think going forward, the government will have to use tariffs in a very methodical programmed and deliberate way, which they haven't done before. So while some businesses and industries may be tariffed and countries, I think that just the broad-based nature of it will go away, and that is a huge relief for a lot of businesses.
That's Sarah Albrecht, chair of the Liberty Justice Center and a lead plaintiff in the Supreme Court's tariff case. As tensions grow between the U.S. and Iran, with the U.S. building up a massive armada in the Middle East consisting of two aircraft carriers, hundreds of fighter jets and refueling tankers, and thousands of troops, the oil market is experiencing its strongest start to year since 2022. Brent futures touching a seven-month high of more than $72 a barrel on Friday, with some analysts seeing a risk premium of as much as $10. Overall, Brent is up about 18 percent since the end of last year, despite traders forecasting a record supply surplus. The U.S. military announcing on Friday that as part of Operation Southern Spear, it destroyed another boat, killing three people it says were trafficking drugs in the eastern Pacific Ocean.
The latest attack raises the death toll from these types of strikes on alleged drug vessels to at least 148 people since early September. The practice of destroying alleged drug boats while killing those aboard have critics questioning the legality of such a move. Chat GPT maker OpenAI is projecting that its revenue will grow rapidly in the next few years and exceed $280 billion in 2030. That's according to a person familiar with the matter. The optimistic revenue growth reflects OpenAI's strong momentum in subscription sales for its AI software to consumers and businesses. According to the company's CFO, annualized revenue topped $20 billion in 2025. That's up from around $6 billion the prior year.
What new tariff did Trump impose after the Supreme Court decision?
Immigration and Customs Enforcement plans to shrink its detention facility network, and that could mean a hit to private prison operators, as we hear from Bloomberg's Nathan Hager in Washington.
Right now, ICE has detainees in more than 200 facilities, most of them owned by private prison giants like GeoGroup and CoreCivic. But the agency now plans to shift to a network of 34 larger sites, mostly industrial warehouses, all owned by the Department of Homeland Security. The move would be a major expansion of immigrant detention. It could also be a blow to the prison industry. Both Geo and CoreCivic get close to half their revenue from ICE contracts. In Washington, I'm Nathan Hager, Bloomberg Radio.
Just as parts of the Northeast, including New York, New Jersey, and Connecticut, were finally seeing all the snow from the previous storm melt due to recent warmer weather, the U.S.
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