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 £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 Karen Moscow. The U.S. Supreme Court has struck down President Trump's sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House. We get details with Bloomberg's Anne-Marie Hordern.
So today was going to be the fate of whether or not Trump's IEPA tariffs, which about 60 to 75 percent of the tariff policy right now in the United States is based off of. And the Supreme Court making this decision, a redhead across the Bloomberg terminal, Trump's global tariffs are struck down by the U.S. Supreme Court.
So this means that the Supreme Court has decided that using IEPA, which this administration has done when it comes to the fentanyl tariffs and comes to reciprocal tariffs for other countries using IEPA, is illegal. Now, given that we are in the financial community, a lot of people may be thinking, does this mean we will not have tariffs? That is not the case.
This administration has talked about Plan B. Now they're going to enact tariffs using other policies via USTR and the Commerce Department. But using IEPA, the Supreme Court is saying that this was illegal. Very interesting considering how they've been using these tariff refunds. And also, the president is going to give a massive address next week. It's the State of the Union.
A lot of Supreme Court justices go to the State of the Union. You can imagine this is going to be an incredibly difficult time for this president considering this was paramount, a huge policy for his administration. And that's Bloomberg's Anne-Marie Hordern. Now, stocks are jumping following this announcement. The S&P 500 up two-tenths of a percent now.
The Dow Jones Industrial Average up about the same. The Nasdaq up three-tenths of a percent. Ten-year Treasury yield at 4.08 percent. Also breaking this morning, President Trump had said that he's considering a limited military strike on Iran, ramping up pressure on the regime.
As he masses military forces in the region and his envoys push for a deal to limit its nuclear program, asked if he was weighing the move to force Iran to accept a deal. The president replied, quote, I guess I can say I am considering it. And U.S.
consumer sentiment rose less than expected in February as optimism among wealthier Americans was offset by declining confidence among people who have not benefited from stock market gains.
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Chapter 2: What are the implications of the Supreme Court striking down Trump's global tariffs?
That's news when you want it with Bloomberg News Now. I'm Karen Moscow in this. is Bloomberg. As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over £10 trillion to work every day, fuelling innovation across every sector.
Home to four of the world's top universities, it provides exceptional talent and breakthrough research. This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.
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