— Taylor Swift on how she’s going to celebrate this major milestone. She’s a true showgirl.
US News
As the World and Tariffs Turn
What's going on: The trade war plot just thickened. On Monday, President Donald Trump warned countries to stick to their original trade deals with the US, essentially shrugging off a Supreme Court decision that struck down his tariff plan. The justices ruled it violated federal law — and let’s just say the president isn’t taking “no” lightly. Less than 24 hours after the ruling, Trump signed an executive order to hike the global tariff rate by 15% starting today, up from the 10% he’d initially pitched. The levies are temporary — for 150 days — but Congress could vote to extend them. As the president also mulls new national security tariffs, he’s issued a new threat: Any country that “plays games” with him could face even steeper levies. Not exactly how you make friends on the (global) playground...
Tell me more: Trump isn’t the only one making demands. Democrats want a refund — $175 billion in tariff revenue, to be exact. They want Customs and Border Protection to return the money plus interest, with small businesses first in line (FedEx, for its part, would like to be second). But any sign of a check could take years, as the issue is likely to end up in the courts. And while US trading partners aren’t thrilled with the tariff whiplash, the financial markets weren’t particularly fazed (guess they’re getting used to all the uncertainty). Trump will likely use tonight’s State of the Union address to try to convince voters he has everything under control. That’s important, as recent polls show Republicans look vulnerable heading into the midterms.
