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Chapter 1: What is the main topic discussed in this episode?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£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 Dan Schwartzman. President Trump announcing via a truth social post that he is pushing his new 10 percent tariff to 15 percent. Trump said that he based his decision on a, quote, thorough, detailed and complete review of the ridiculous, poorly written and extraordinarily anti-American decision on tariffs issued yesterday.
Trump went on to say, quote, I, as president of the United States of America, will be effective immediately. raising the 10% worldwide tariff on countries, many of which have been ripping the U.S. off for decades without retribution, parentheses, until I came along, to the fully allowed and legally tested 15% level. Trump called the new tariffs legally permissible.
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. U.S.
trading partners, though, including the European Union, Mexico and Canada, are reacting with caution and are reassessing their trade deals with the U.S. and waiting for more clarity on the developments after the Supreme Court ruling striking down most of the Trump tariffs, including reciprocal ones.
Lawmakers in the European Union, which faced a 15% so-called reciprocal levy, will hold an emergency meeting Monday to reassess the bloc's pending trade deal with the U.S. The EU Parliament's Trade Committee was expected to vote Tuesday to move forward with ratification of that agreement. The Supreme Court's ruling means relief for our neighbors to the north and south.
Bloomberg's Monica Ricks explains why.
Hours after the ruling, the White House clarified Mexico and Canada are exempt from tariffs on many goods shipped under the U.S.-Mexico-Canada agreement. But tariffs on goods that don't qualify will still be lower, considering Trump had imposed 35 percent tariffs on Canada and 25 percent on Mexico. Still, officials from both countries are cautious.
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Chapter 2: What recent tariff changes did President Trump announce?
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 a 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. The U.S. military announcing on Friday that 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.
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, are finally seeing all the snow from the previous storm melt due to recent warm weather, the U.S. National Weather Service has warned of a possible late weekend storm. We get more details from Bloomberg meteorologist Craig Allen.
All's quiet for now, but it sure will become increasingly stormy as we go through Sunday afternoon into the night and even part of Monday. Many pieces of this large puzzle are starting to fit in place to produce a major snowstorm along the eastern seaboard. And the major I-95 cities are included. Safe to say that this will turn into a very impactful snowstorm.
For starters, a 6 to 12 inch prediction.
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