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President Donald Trump has announced that he will raise global tariffs to 15%, increasing the rate from 10%. In a social media post on Saturday, the president said the higher levy would take effect immediately. The announcement came a day after the Supreme Court struck down a broad portion of his trade agenda in a 6–3 ruling that found he had improperly invoked emergency powers under the International Emergency Economic Powers Act. In response to Friday's decision, Trump imposed a 10% worldwide tariff under Section 122 of the Trade Act of 1974, which permits temporary levies of up to 150 days without congressional approval. He said further "legally permissible" tariffs would be issued in the coming months, while sharply criticising the court's judgment as "anti-American". The White House has yet to clarify the precise timing of the new measures, as the president prepares to address Congress on Tuesday.

 

BBC News

CNBC

Wall Street Journal

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,” Mr. 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 Los Angeles Department of Water and Power must face lawsuits over its response to the 2025 wildfire that damaged the Pacific Palisades area, Los Angeles Superior Court Judge Samantha Jessner has ruled. The ruling means property and business owners can pursue claims that the utility failed to supply enough water to fight the blaze due to a drained city reservoir, which allegedly left fire hydrants without adequate water pressure.

 

Bloomberg

Research by Amazon reveals that a small group of hackers - or even potentially just one individual - has infiltrated more than 600 firewalls across 55 countries using widely accessible artificial intelligence tools. The intruders capitalised on weak security measures, such as simple login credentials and single-factor authentication, allowing them to execute breaches that would typically require a much larger team. The report indicates that the Russian-speaking hackers used their access to set the stage for ransomware attacks within victims' networks.

 

Bloomberg

The FASB's new income tax disclosure standard has revealed that many major U.S. multinationals are paying significantly higher corporate taxes overseas compared to their home country. A report by the Financial Accountability and Corporate Transparency Coalition highlights that companies like Boeing and PepsiCo are shifting profits to tax havens, resulting in lower taxable income in the U.S. Boeing paid over twice as much tax in Germany than in the U.S., while Tesla's U.S. tax payment was only $28m compared to $751m in China. Thomas Georges, a policy officer at FACT Coalition, said: "We're seeing with many companies really low cash taxes paid in the United States," as he emphasized the impact of U.S. corporate tax policies. The new disclosures are expected to influence corporate tax strategies and provide valuable insights for investors regarding tax risks and potential reforms. Further disclosures from the EU and Australia are anticipated later this year.

 

Accounting Today

U.S. economic growth slowed sharply in the fourth quarter of 2025, expanding at a 1.4% annual rate as a record-long government shutdown and weaker consumer spending weighed on activity. The figure fell short of economists’ expectations of 2.5% growth and marked a significant slowdown from the third quarter’s 4.4% pace. Federal government spending plunged at a 16.6% annual rate during the quarter, cutting nearly 1.2 percentage points from headline GDP. The shutdown, which lasted from October 1st through November 12th, disrupted federal operations and reduced services, though economists say such losses are often partially recouped once the government reopens. For the full year, the economy grew 2.2%, down from 2.4% in 2024 and the weakest annual performance since 2022. Even excluding the shutdown’s effects, underlying private-sector demand cooled, with a key measure of consumer and business spending rising at a 2.4% rate — the slowest since early 2025. Despite the slowdown, U.S. growth remains relatively strong compared with other developed economies, supported by steady consumer spending and ongoing investment in areas such as artificial intelligence. 

 

The Hill

CNBC

Washington Post

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

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. consumer sentiment rose slightly in February but came in below expectations, as optimism among wealthier Americans was offset by weaker confidence among lower-income households. The University of Michigan’s final sentiment index ticked up to 56.6 from 56.4 in January, missing economists’ forecast of 57.3. While higher-income consumers reported feeling more secure due to stronger incomes and investment gains, others continued to struggle with elevated prices and economic uncertainty. Inflation expectations improved, with consumers projecting prices to rise 3.4% over the next year, down from 4% in January. Long-term inflation expectations held at 3.3%. Although recent job growth and easing inflation have provided some support, overall sentiment remains subdued compared to stronger readings in 2024. Nearly half of respondents cited high prices as a strain on their finances, and tariffs remain a key concern. 

 

Investing

Bloomberg

Clear Street has withdrawn its U.S. listing plan after first delaying it, as volatility and concerns about AI-driven disruption weighed on new offerings. The broker had already cut its targeted raise and price range amid a selloff in brokerage stocks and broader IPO caution tied to valuation scrutiny and weak peer performance. IPOX’s Kat Liu said: “If demand wasn't there even at a severe discount,” forcing the deal could have created a “failed” IPO stigma. The pullback highlights jittery capital markets as other firms resize, refile, or postpone listings.

 

Reuters

EY has launched a new Sustainable Operating Blueprint designed to help companies embed sustainability across their entire enterprise rather than treating it as a standalone function. The framework provides an AI-enabled roadmap to guide organizations through defining sustainability ambitions, assessing current performance, identifying gaps and prioritizing actions. It aims to shift sustainability from a reporting-focused exercise to a strategic driver of value creation. Built on two core pillars - “strategic clarity” and “operational embeddedness” - the blueprint helps companies integrate sustainability into decision-making, governance, product development, processes and performance management. Alexis Gazzo, EY’s Global Leader for Climate Change and Sustainability Services, said many organizations still isolate sustainability within specialist teams, limiting its impact. He emphasized that embedding sustainability into core operations is now essential for business viability and competitiveness.

 

ESG Today

According to the second annual U.S. Tax Filing Report by Invoice Home, trust in artificial intelligence (AI) for tax filing has decreased among taxpayers. In 2026, only 37% of respondents considered AI over hiring a tax professional, down from 43% in 2025. Acceptance of AI varied by generation, with declines noted across all groups. Tom Hood, CPA, emphasized the importance of having a CPA as a trusted adviser using technology, stating: “The answer is obvious - you want the CPA as trusted adviser using the latest technology.” The survey also revealed that 42% of respondents felt confident in filing their taxes correctly, while younger generations expressed concerns about potential tax liabilities, with 24% of Gen Z and 21% of Millennials planning to delay filing. Many respondents are seeking support through digital tools and financial advisers.

 

Journal of Accountancy

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

Elon Musk is actively recruiting Korean semiconductor engineers to support Tesla's plans for a large-scale chip production hub, known as "Terra Fab." He announced job openings for AI chip design engineers on his X account, highlighting a need for talent in chip design and fabrication. Musk said: "If you're in Korea and want to work on chip design, fabrication or AI software, join Tesla!" Demand for semiconductor engineers is rising, with Korea projected to face a shortfall of 54,000 engineers by 2031, according to the Korea Semiconductor Industry Association.

 

Korea Joongang Daily

The Korea Times