Businesses continue to navigate a series of trade shocks, from the overturned International Emergency Economic Powers Act (IEEPA) tariffs that the Supreme Court struck down to soaring energy costs stemming from the war in the Middle East.
This week, the European Union parliament will vote on a US-EU trade deal, resuming the ratification of a framework agreement the two sides reached last year after a months-long pause. The EU halted its adoption of the deal after the Supreme Court invalidated President Trump's most sweeping tariffs and Trump threatened to take over Greenland earlier this year.
Currently, the US has imposed 10% tariffs on countries around the globe for 150 days, which could rise to 15% as the Trump administration pursues other tariffs. The administration announced two new trade investigations in March, scrutinizing 60 countries for their fair trade practices under Section 301 of the Trade Act of 1974.
Meanwhile, after a federal judge ruled that the US government must begin paying out more than $130 billion in tariff refunds to US businesses, more than 2,000 companies, including Costco (COST) and FedEx (FDX), have filed lawsuits seeking compensation. The US Customs agency said it's finalizing a four-step process that will allow importers to electronically file claims and receive tariff refunds.
In a move aimed at easing energy costs amid the Middle East war, Trump issued a temporary waiver for a 1920s shipping law, allowing foreign-flagged vessels to transport cargo around the US for 60 days.
LIVE 216 updates
US envoy says EU faces higher tariffs if trade deal fails
Bloomberg reports:
EU moves forward in approving trade agreement with US
White House waives Jones Act in a bid to tame rising domestic energy prices
President Trump issued a temporary waiver for the Jones Act on Wednesday, according to Bloomberg, making the transport of seaborne cargo around the US cheaper as the administration attempts to combat the domestic effects of quickly surging energy prices.
The Jones Act, formally the Merchant Marine Act of 1920, requires that ships transporting cargo between US ports be American-built, American-flagged, American-owned, and American-crewed — costly requirements that raise the expense of domestic seaborne goods flows.
The president's waiver allows foreign-flagged vessels to transport cargo around the US for 60 days.
In the oil markets, this has the biggest impact on the shipment of refined products such as gasoline from the refinery complexes along the Gulf Coast to the more isolated East Coast. While the waiver doesn't apply to all products, it covers a range of energy commodities, including crude oil, refined oil products such as diesel and gasoline, natural gas, coal, fertilizer, and other energy-derived products, Bloomberg reported.
“President Trump’s decision to issue a 60-day Jones Act waiver is just another step to mitigate the short-term disruptions to the oil market as the U.S. military continues meeting the objectives of Operation Epic Fury,” White House press secretary Karoline Leavitt said in a statement posted on X. “The Administration remains committed to continuing to strengthen our critical supply chains.”
EU set to restart delayed trade deal ratification: Bloomberg
The European Union is set to restart delayed ratification proceedings for its trade deal with the US, European Parliament trade committee chair Bernd Lange told Bloomberg on Tuesday.
Under the terms of a deal struck between the US and Europe in July 2025, the EU agreed to remove all tariffs on US industrial products in return for a 15% levy on its own. At the time, Bloomberg reported, EU leadership defended the lopsided deal as a way to avoid a prolonged trade war with Washington and, therefore, its largest trading partner.
Ratification of the deal has been delayed, however, as the EU has repeatedly stalled proceedings, citing President Trump's threats to annex Greenland and uncertainty surrounding the US Supreme Court's decision to strike down the president's use of IEEPA tariffs.
Since the Supreme Court ruling, US Trade Representative Jamieson Greer has launched investigations into major US trading partners, including the EU, as Washington looks for ways to replace the struck-down IEEPA tariffs.
The EU has also not yet received a guarantee from the Trump administration that any new non-IEEPA tariffs would comport with the terms Brussels and Washington agreed to in July. EU lawmakers, Lange told Bloomberg, only agreed to move forward after inserting an amendment stating that the deal won't take effect until the US agrees to honor the terms set in July.
The trade committee will vote on the ratification measure on Thursday, Bloomberg reported, before a full plenary vote in late March or April.
Trump delay of Xi talks buys China time to game out Iran war
Trump threatens to delay his much-watched trip to China this month
Yahoo Finance's Ben Werschkul reports that the Trump administration has suggested it could delay the president's trip to China to meet with Xi Jinping at the end of this month.
He writes:
US-China trade talks open in Paris, paving the way for Trump-Xi summit
The AP reports:
Tariff refund plans take shape...
Importers awaiting refunds for payments they made toward illegal tariffs received more details this week from the Trump administration.
My colleague, Ben Werschkul, breaks down what we know so far about the system that companies could begin using by later this spring:
Tariff refunds system 40%-80% complete, top official says
The government's system for processing tariff refunds is between 40% and 80% complete, according to a court filing reported by Reuters.
The US Customs and Border Protection agency is developing a four-part system to accept, process, review, and issue refunds for the $166 billion in payments made toward tariffs that were struck down by the Supreme Court last month.
Following the Supreme Court's decision, Judge Richard Eaton ruled that the Trump administration must pay refunds for tariffs collected under the 1977 International Emergency Economic Powers Act (IEEPA). More than 2,000 companies had filed claims, and a wave of additional requests is likely to follow the ruling.
Last week, Brandon Lord, a top Customs and Border Protection official, said the agency would have the system ready within 45 days but would be unable to comply with Eaton's request for a fully automatic process.
Vietnam produces world's largest trade surplus with US
US trade deficit dropped by 25% in January, a win for Trump
Costco customers sue for share of refunds from Trump tariffs
Reuters reports:
Trump administration pursues new avenues for imposing tariffs
President Trump’s team has launched a major investigation into the trade practices of more than 12 large countries. This is the first step toward creating new tariffs.
Yahoo Finance's Jennifer Schonberger reports on the latest with Trump's tariffs:
South Korea approves $350B US investment package
Trump’s Iran folly is handing Xi Jinping weapons in the trade war
US tariff revenue dropped by over $1 billion in February as Supreme Court upended Trump's 'blanket' duties
US tariff revenue declined again in February, as the Supreme Court's decision to invalidate President Trump's sweeping tariffs upended US trade policy and left trade partners waiting to see whether the White House's new Section 122 10% duties would be raised to 15%, as Trump promised.
My colleague Ben Werschkul reports:
Japan deepens rare earths ties with Lynas as world seeks supply
China's exports surge in Jan-Feb despite waning trade with the US
China’s exports grew 22% in January and February, far beating expectations. High sales of cars, computer chips, and electronics drove this surge. This growth is much stronger than the 6.6% seen in December.
Reuters reports:
US customs agency says tariff refund system will be ready in 45 days
The US customs agency said it will have an electronic process for issuing refunds ready within 45 days but that it won't be able to comply with a federal judge's orders to automatically dispense refunds, according to a court filing on Friday.
According to Reuters, Brandon Lord, a top Customs and Border Protection official, filed a declaration with the US Court of International Trade as part of negotiations between government lawyers and a federal trade judge to outline a process for returning more than $160 billion in tariff payments to around 330,000 importers.
Lord laid out the details of the refund process, suggesting importers would electronically file a declaration detailing their tariff payments. The customs agency's ACE computer system would then review and process refund payments with interest.
Lord said importers would receive only one payment from the Treasury Department, regardless of how many items or separate declarations they filed.
It's still not clear how long the refund process will take, but the customs agency said it cannot comply with a federal judge's order to automatically refund importers' tariff payments without their requesting the refunds. Federal Judge Richard Eaton ruled earlier this week that US importers subject to the sweeping tariffs struck down by the Supreme Court were "are entitled to the benefit," which shifted the debate around tariff refunds.
US grants temporary waiver for India to import Russian oil
The US government have been forced to backtrack and has cleared a way for India to buy Russian oil, temporarily due to the escalating conflict in the Gulf, which is reducing energy flows.
Last year, President Trump hit New Delhi with 25% tariffs, in addition to the 25% duties already applied, due to its purchase of Russian oil, which at the time Trump said was helping to fund the war in Ukraine.
The US and India finally made a trade agreement last month, which meant that India would no longer purchase oil from Russia; however, the Trump administration has reversed this and will now allow Russian crude oil and petroleum products to be loaded onto vessels before March 5, so long as they are delivered to India and purchased by an Indian firm. The measure expires April 4 at 12:01 a.m. Washington time.
Bloomberg News reports:
US companies are being denied refunds on Trump’s illegal tariffs
US, Mexico to launch review process of USMCA trade pact week of March 16
Negotiators from the US and Mexico will begin talks around a joint review of the United States-Mexico-Canada trade agreement during the week of March 16, according to the US Trade Representative's Office.
Reuters reports:
Trump’s new tariffs face legal challenge by group of states
A group of states are planning to challenge the fresh global tariffs President Trump implemented after the Supreme Court invalidated his sweeping tariffs last month.
Bloomberg reports:
How 2 court rulings this week shifted the tariff refund debate
In the wake of the Supreme Court's decision last month that ruled the Trump administration's blanket tariffs illegal, the administration is now facing further setbacks over the fate of the $175 billion in revenue collected under those tariffs.
This week, the administration was first denied a request for a 90-day pause on a ruling and then ordered to issue refunds to companies that paid the tariffs. The issue of refunds hadn't been addressed in the Supreme Court's majority opinion.
Yahoo Finance's Ben Werschkul reports:
Eight charts show ‘rupture’ with Canada under Trump’s tariffs
President Trump's tariffs have caused turmoil for many countries and companies around the world. When Trump slapped a 25% tariffs on metals, manufacturers complained of higher prices and ongoing costs. But for Canadian businesses, nothing compares to the current trade war between the US and its neighbor
Many Canadian firms have been losing 50% of their customers over the past year as US firms change supply chains in order to avoid paying Trump's higher tariffs on metals.
Bloomberg News reports:
Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court
The Trump administration will be required to pay more than $130 billion in tariff refunds, a federal judge in New York ruled Wednesday, marking another defeat for President Trump after the Supreme Court struck down his most widespread tariffs last month.
Over 2,000 companies have filed lawsuits seeking to recoup costs from the illegal tariffs that were invalidated by the court. The judge's orders suggested that all importers subjected to tariffs would be entitled refunds, including those that haven't filed lawsuits yet.
The Associated Press reports:
Fed's Beige Book paints mixed picture of economy as tariffs raise costs
The Federal Reserve’s Beige Book, released on Wednesday, showed that US economic growth was muted in February as tariffs increased costs for businesses, some of which passed along higher prices to consumers.
The national and regional summary of economic activity is meant to help the Fed capture qualitative data that it can use when making interest rate decisions.
Yahoo Finance's Jennifer Schonberger reports:
Elizabeth Warren slams Trump's effort to delay tariff refunds as a 'theft in broad daylight'
The Democrats are not impressed with the Trump administration's latest statement that the process for tariff refunds will be a long one, with midterm elections on the way this could become an election issue.
Senator Elizabeth Warren, the Massachusetts Democrat, has written to President Trump, saying the administration "has a responsibility to do everything in its power to ensure that it returns the money it illegally took from the American people."
Yahoo Finance's Ben Werschkul reports on the latest around Trump tariff refunds.
Treasury Secretary Bessent says 15% global tariff could begin 'sometime this week'
Treasury Secretary Scott Bessent told CNBC that President Trump's global tariff increase to 15% would likely be implemented "sometime this week."
Last month, the White House imposed a 10% global tariff using a different authority than the one the Supreme Court invalidated. The new Section 122 tariffs are limited to 150 days, during which the US government is expected to explore ways to implement its tariffs similar to the illegal IEEPA ones.
“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.
The 15% tariff rate would replace the 10% tariff in place, according to President Trump's Truth Social post that followed the Supreme Court decision.
Japan, US aim to add nuclear power project to $550B investment package
The US and Japan are working on a nuclear power project as part of the second round of deals, which fall under Japan's $550 billion investment package, according to a report in Reuters on Wednesday.
The two nations agreed to a trade deal last year, where Japan pledged to invest over $500 billion into the US. The nuclear power project will involve Westinghouse and is designed to strengthen both countries' energy supply chains as war in the Middle East renews concerns about energy security.
Reuters reports:
New York Fed's Williams: US businesses and consumers have paid for tariffs, pushing up inflation
Yahoo Finance's Jennifer Schonberger reports:
German Chancellor Merz to meet with President Trump
Germany's leader, Friedrich Merz, arrived in the US on Tuesday and will meet with President Trump to discuss a number of issues, including trade and the conflagration of hostilities in the Middle East.
The trip was originally planned with trade at the top of the agenda, as Merz was expected to discuss the Trump administration's tariff plans after the Supreme Court struck down the president's blanket tariffs at the end of February.
EU leaders are seeking assurances that US tariffs will not exceed the 15% cap they agreed to in a framework deal last August, after Trump imposed new 10% global tariffs under a different authority and threatened to raise them to 15%. Those tariffs, when added to preexisting tariffs, could push the rates for some European exports above 15%.
The European Union has delayed the ratification of the US trade agreement, potentially testing Trump's patience, on the grounds that the Supreme Court decision has injected some fresh uncertainty into transatlantic trade.
Merz is coming off a recent trip to China, where he criticized some of China's trade policies but praised the alliance between the two countries.
Sportswear brand On sees possible boost from lower US tariff rate
Reuters reports:
Tariff-refund seekers flock to a little-known US court with big-case experience
A little-known US trade court is now tasked with determining whether refunds will be dealt to hundreds of companies seeking their share of the $130 billion paid in illegal tariffs after the Supreme Court struck them down.
Reuters reports:
Europe tests Trump’s short fuse with delays on US trade deal
Bloomberg reports:
Farmers continue to grapple with Trump tariffs' uncertainty
Following the Supreme Court's decision striking down many of President Trump's tariffs as illegal, farmers in the US are riding the latest wave of uncertainty, Bloomberg reports:
Lowe's CEO says he's not 'factoring in' a tariff refund
Yahoo Finance's Brooke DiPalma reports that, unlike other companies, such as Costco (COST), Goodyear (GT), and Prada (PRDSF), that sued the administration to preserve their right to a refund, Lowe's CEO Marvin Ellison said the company did not file and that it is "just too early to speculate about a refund."
"What I will tell you is that when I talk to my legal team, there are quite a few maneuvers that the administration can take to prevent a refund from being a reality in the near-term, and so we're not sitting back factoring in that we're going to receive a refund," he said.
FedEx says it will return to customers any refunds it gets back from Trump's illegal tariffs
Associated Press reports:
US may have to pay over $160B in tariffs refunds as companies start to sue
Over 900 companies have sued the US due to President Trump's "Liberation Day" tariffs, which were struck down by the Supreme Court last Friday. This latest legal action is raising pressure on the Trump administration, who may have to issue refunds of more than $160 billion.
The FT reports:
US commerce secretary, India minister discuss trade days after Trump's tariffs are struck down
The US and India discussed trade on Thursday, the first meeting between the two sides since the Supreme Court struck down President Trump's tariffs last week Friday.
Reuters reports:
Trump tariff turmoil yet to dent emerging countries': EBRD
India holds line on Russian oil with Trump's tariffs in question
Greer: US tariff rate will rise to 15% for some countries but 'accommodate' those with deals
Some more comments from US Trade Representative Jamieson Greer, per Reuters:
Shoemaker Steven Madden withholds profit forecast on tariff uncertainty
Steve Madden's (SHOO) stock fell 5% on Wednesday after the shoe and handbag maker withdrew its 2026 earnings forecast due to tariff uncertainty, in the first sign of chaos since the Supreme court shut down President Trump's tariffs last week Friday.
Reuters reports:
US trade representative: US aims to keep tariffs on China where they are
The White House will seek to keep levies on China at the levels set before the Supreme Court decision striking down large swaths of President Trump's tariff regime, US Trade Representative Jamieson Greer said Wednesday morning.
In comments to Fox Business, Greer said the US is aiming to maintain its tariffs of 35% to 50% on goods from China — now using alternative methods.
“We expect that level to remain in place. We don’t intend to escalate beyond that," Greer said Wednesday morning. "We intend to really stick to the deal that we had before.”
On Friday, the Supreme Court ruled that the president's use of the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs on foreign nations was illegal.
The White House has instituted a temporary 10% global levy since the ruling, and Greer said Wednesday morning that the US will soon be announcing a bump-up to 15% on its temporary 150-day global tariff. The administration is expected to use that window to implement new measures under other legislative authorities, such as the Trade Act's Sections 301 and 232.
President Trump will head to Beijing for a meeting with Chinese leader Xi Jinping at the end of March, where the leaders of the world's two largest economies are expected to discuss trade deals.
China says it has met US trade obligations, warns against more tariffs
China announced on Wednesday that it has already met all of its US trade obligations, even as the US threatens new tariffs following further investigations.
Reuters reports:
China’s $112B cargo gap shows record US tariff evasion
Trump slams Supreme Court's 'unfortunate involvement' in tariffs, says the duties aren't going anywhere
President Trump on Tuesday night offered another strong defense of tariffs during the State of the Union and proclaimed that "the deals are all done" with no changes in the offing, even as he pilloried "an unfortunate ruling from the United States Supreme Court."
The highly anticipated moment saw the president address the issue and condemn "the Supreme Court's unfortunate involvement" as four justices in attendance sat motionless a few feet away.
The president also claimed that congressional action will not be necessary to keep his tariffs in force and even claimed that the duties would eventually “substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love."
Trump again overstated the effects of tariffs. Tariffs have actually been bringing in only a small fraction of income tax revenue so far — about $30 billion a month in recent months. It was another forceful defense of Trump's central economic policy, even as his public support on tariffs has been ebbing.
Lawmakers' reaction in the room was mixed, after bipartisan votes in both chambers have rebuked Trump's tariffs and Democrats are already pledging to block an extension of the new Section 122 tariffs when they come up for congressional review in 150 days.
The skepticism is also evident among voters. Some polls show Americans opposed to Trump's tariffs by a nearly 2-to-1 margin. Just this week, a new ABC News/Washington Post/Ipsos poll found that 64% of Americans disapprove of Trump's handling of tariffs, while only 34% approve.
FedEx seeks a tariff refund in court after they are ruled illegal by Supreme Court
Now that the US Supreme Court has ruled against President Trump's tariffs, many companies are seeking compensation for the money they spent on tariffs, and the first in line is FedEx (FDX), which is suing the US government and wants a full refund on what it paid for levies set by Trump during his "Liberation Day" tariff order last year.
The AP reports:
