February 21, 2026: Trump Raises Global Tariff to 15%, 'Super Bomb' Blizzard, More
episodePreviously titled “Trump Raises Global Tariff to 15%, 'Super Bomb' Blizzard, More” — renamed by the publisher on Aug 2, 2026
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News when you want it with Bloomberg News Now. I'm Monica Ricks. President Trump's moving ahead with his plan to implement a global tariff and has already hiked it from 10 to 15 percent despite his legal setback with the Supreme Court.
They're very unpatriotic and disloyal to our Constitution.
It's part of a new baseline tariff under Section 122 of the 1974 Trade Act, which allows the president to impose tariffs for 150 days without congressional approval. After that, securing that approval would prove challenging since Democrats and some Republicans have opposed elements of Trump's trade policy. Legal experts are calling this a major win for businesses, but the next part could be messy, as many get set to sue the government for tariff refunds. Diane Swonk is chief economist at KPMG.
Our trade and customs practice is already working on many businesses that are trying to submit. refunds early. The problem is the procedures have not been set up yet, and that is going to be very difficult. Even the Supreme Court in their briefing used the word, this will be a mess.
Economist Diane Swonk, Sarah Albrecht is chair of the Liberty Justice Center and the lead plaintiff in the Supreme Court's tariff case.
When President Trump authorized tariffs using the IEPA statute, it struck us as an abuse of power and did not provide for tariffs, and it seemed very obvious that this was not constitutional.
Many abroad are also looking for payback for exporters and some U.S. import partners who may have paid too much. Business chiefs and government leaders around the world are now pouring over the fallout of the Supreme Court's decision, with some already shrugging off Trump's global tariffs under different rules. Oil prices are helping the U.S. military build up its presence now near Iran. Bloomberg's Dan Schwartzman has details.
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% since the end of last year, despite traders forecasting a record supply surplus. Dan Schwartzman, Bloomberg Radio.
Iran's foreign minister says they expect to have an agreement ready in the next few days. But United Nations spokesperson Stefan Dujaric says there is global concern.
What are the implications of Trump's global tariff increase to 15%?
We encourage both the United States and the Islamic Republic of Iran to continue to engage in diplomacy in order to settle the differences.
This as the U.S. military continues to bolster its presence in the region. The U.S. military says it carried out another deadly strike on a vessel accused of trafficking drugs in the eastern Pacific. Southern Command confirms the strike killed three people. It's the latest in a string of dozens of attacks now on similar boats in the region since September. Crews have recovered the bodies of nine backcountry skiers killed in an avalanche in California. Brutal weather and the threat of more avalanches had kept rescuers from recovering their bodies for days. They actually used water to break up a lot of the snow in the area yesterday and flight radar today to locate them. Meantime, blizzard warnings are in effect for millions of Americans on the East Coast.
Here's Bloomberg meteorologist Rob Carolin.
While we'll see some snow developing across the district in Baltimore through the day on Sunday and also into the New York City area, the height of the storm for the northeastern part of the country is going to be Sunday night and into the day on Monday.
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