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The European Commission has said Washington must abide by the terms of the trade deal reached last year with the EU, after President Donald Trump announced new global tariff hikes a day after the Supreme Court struck down his sweeping "reciprocal" import duties. "A deal is a deal," said a commission statement. "As the United States' largest trading partner, the EU expects the U.S. to honor its commitments set out in the Joint Statement - just as the EU stands by its commitments," it added. "The European Commission requests full clarity on the steps the United States intends to take following the recent Supreme Court ruling on the International Emergency Economic Powers Act (IEEPA)."

 

France 24

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Trade attorneys say the volume of cases seeking refunds for tariffs already imposed – more than 1,800 already – will likely surge after Supreme Court justices rejected the legal rationale behind an estimated $175bn in U.S. customs revenue since last April. The court ruled on Friday that President Donald Trump lacked authority to impose tariffs under the International Emergency Economic Powers Act, a 1977 law meant for use in national emergencies. At a White House press conference on Friday, Trump said he would levy more tariffs and predicted the process for companies seeking refunds would precipitate a protracted legal battle. “We’ll end up being in court for the next five years,” Trump said. Lawyers have told Reuters they expect to file many more cases in the coming weeks at the New York-based Court of International Trade.

 

Reuters

The U.S. Customs and Border Protection (CBP) agency is to halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday, more than three days after the U.S. Supreme Court declared the duties illegal. CBP did not give a reason why it was continuing to collect the tariffs at ports of entry days after the ruling. The agency provided no information about possible refunds for importers.

 

Reuters

The Guardian

The International Monetary Fund has called on China to halve state support for its industries, warning that Beijing’s export-heavy growth model is distorting global trade. In its annual review, the fund estimated that Beijing spends roughly 4% of gross domestic product subsidising companies in critical sectors, and said it should scale that back by about 2 percentage points. China’s industrial policies “are giving rise to international spillovers and pressures” and had combined with weak domestic demand to make China “more reliant on manufacturing exports as a source of growth,” the fund said.

 

Australian Financial Review

Financial Times

The Environmental Protection Agency (EPA) has rescinded regulations that limited mercury and other toxic air pollutants from coal- and oil-fired power plants, in a move that is intended to support the struggling coal industry. The decision affects the 2012 Mercury and Air Toxics Standards (MATS), which mandated reductions in emissions of harmful metals including arsenic and lead - substances associated with serious health risks including heart attacks and cancer. The move marks the latest in a series of actions by US President Trump's administration that have been directed at energizing the coal sector.

 

Bloomberg

U.S. Energy Secretary Chris Wright has given an ultimatum to the International Energy Agency (IEA) – stop net zero emissions goals or lose the United States as a member. Wright told a panel on the sidelines of the IEA's ministerial meeting on Thursday: “We're definitely not satisfied [with current IEA's policy scenarios], and we’re not there yet . . . For the U.S. to remain a long-term member of the IEA, the agency needs to finish the reform . . . we don’t need a net zero scenario, that’s never gonna happen, net zero by 2050.” Wright said the "real physical phenomenon" of climate change has been "wildly misunderstood and exaggerated for political reasons."

 

Reuters

Euronews

Underlying U.S. inflation picked up more than expected in December, the Commerce Department reported on Friday, reinforcing expectations that the Federal Reserve will delay interest rate cuts until at least June. The core personal consumption expenditures (PCE) price index - which excludes food and energy and is closely watched by the Fed - rose 0.4% in December, above economists’ forecasts of 0.3%. On an annual basis, core PCE inflation accelerated to 3.0% from 2.8% in November. Overall PCE inflation also increased 0.4% for the month and rose 2.9% year-on-year. Economists warn that inflation could climb further in January, with monthly core PCE potentially rising another 0.4%, pushing the annual rate to around 3.1%. Strong services inflation, including a sharp rise in legal services costs, contributed to the pressure. Meanwhile, consumer spending rose 0.4% in December, though inflation-adjusted spending increased just 0.1%, suggesting slower momentum heading into the first quarter.

 

Barron's

Reuters

Wall Street Journal

U.S. business activity expanded at its slowest pace in 10 months in February, as factory orders declined, services growth cooled and hiring stalled, according to S&P Global. The flash U.S. Composite PMI Output Index fell to 52.3 from 53.0 in January, its lowest level since April. While readings above 50 indicate expansion, both manufacturing and services showed weaker momentum. The services PMI edged down to 52.3, missing forecasts, while the manufacturing PMI dropped to a seven-month low of 51.2. New orders fell for the second time in three months, and employment growth nearly stalled, with the index at 50.2. S&P Global’s chief business economist Chris Williamson said the data point to first-quarter GDP growth of about 1.5%, signaling a notable cooling from the stronger expansion seen in the second half of last year.

 

Reuters

Corporate America is scaling back diversity efforts on boards, with S&P 500 companies appointing women and minority directors at rates similar to a decade ago. Nearly 80% of new directors last year were white and about three-quarters were men, marking a sharp decline from diversity gains in 2021. Corporate policies supporting board diversity have also declined. Only about a quarter of S&P 500 companies maintained formal policies last year requiring consideration of gender and racial diversity when appointing directors, down from roughly half the year before. So far this year, that share has fallen to 14%. The retreat comes after legal setbacks, including court rulings striking down California’s board diversity mandates and Nasdaq’s disclosure rule on board diversity. Although overall board demographics remain somewhat more diverse than a decade ago, progress has slowed significantly. At the current pace, boards in the broader Russell 3000 index would not reach gender parity until 2044, according to projections.

 

Wall Street Journal

Bank of America has committed $25bn to private credit lending, joining other major Wall Street banks in expanding into the fast-growing sector as competition with non-bank lenders intensifies. The move comes amid rising scrutiny over credit quality and liquidity in private markets, following high-profile defaults and concerns about exposure to vulnerable industries such as software companies facing AI disruption. Recent restrictions on investor withdrawals by private credit firm Blue Owl have also heightened concerns about the sector’s stability. BofA said the commitment will strengthen its ability to serve corporate and private equity clients while delivering returns to shareholders. The bank also announced leadership appointments to support the strategy, naming Anand Melvani as head of private credit within its global capital markets division and Scott Wiate as head of private credit structuring and underwriting. The initiative mirrors similar efforts by JPMorgan, Citi, Wells Fargo, Goldman Sachs and Morgan Stanley, as large banks increasingly target private credit as a key growth area.

 

Bloomberg

Financial Times

The Banker

A ransomware attack on Asahi Group Holdings last September resulted in the confirmed leak of 115,513 sets of personal data, the Japanese food and beverage giant said. The breach included 110,396 records containing names and phone numbers of executives and employees at client companies, as well as 5,117 records involving names and addresses of current and former Asahi employees. The company had previously estimated that up to 1.9m records may have been affected, though only 18 leaks were initially confirmed.

 

The Mainichi

Nippon.com

Starting April 1, 2025, digital platforms in Mexico must provide the Tax Administration Service (SAT) with real-time access to their data. The measure aims to enhance tax compliance and combat tax evasion. Gari Flores, SAT's general administrator for Revenue Collection, said that such access will allow authorities to view sales transactions and product origins. However, industry representatives, including Julio Vega from the Internet MX Association, warn that this could expose sensitive data to cybercrime. The sector is negotiating the implementation details to ensure data security and compliance with international standards.

 

El Pais