U.S. President Donald Trump has signed an executive order imposing a 10% global tariff, effective February 24. This move follows a Supreme Court ruling that found previous tariffs imposed under the 1977 International Emergency Economic Powers Act (IEEPA) were an overreach of presidential power.

• The new levy is applied under Section 122 of the 1974 Trade Act, allowing its imposition for 150 days without congressional approval.
• President Trump argues tariffs are crucial to reduce America’s trade deficit, which recently hit approximately $1.2 trillion.
• Several countries, including the UK, European Union, and India, are now evaluating their trade relationships and agreements with the U.S. in response to this decision.

The United Kingdom has stated that "nothing is off the table" regarding reciprocal action if the United States does not honor its tariff deal, following President Donald Trump's announcement of a 15% tariff on all countries.

• UK Business and Trade Secretary Peter Kyle has raised concerns with his US counterpart, Jamieson Greer.
• The EU has put its US tariff deal "on hold until further notice" in response to the announcement.
• Analysis suggests the UK could be among the hardest-hit nations due to its existing 10% tariff deal with the US.

Global transportation company FedEx has filed a lawsuit seeking a full refund for President Donald Trump's emergency tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

• FedEx is suing to recover "all IEEPA duties Plaintiffs have paid to the United States."
• The lawsuit names US Customs and Border Protection (CBP), its commissioner Rodney Scott, and the US as defendants.
• The suit follows a US Supreme Court ruling that the IEEPA did not grant the president authority to impose such import taxes, opening the door for refund claims.