Editor’s Note
The global trade landscape faces renewed volatility following the latest U.S. tariff policy shift. This collection of headlines captures the immediate ripple effects—from legal and political repercussions to market reactions in commodities like gold and oil. As key negotiations and decisions unfold, these developments warrant close attention for their potential impact on international trade and economic stability.
The biggest winners and losers from the latest US tariffs shift
US customs say will halt collection of IEEPA tariffs on 24 February
US president Trump: The Supreme Court tariffs ruling has given me more power than before
EU reportedly to press pause on US trade deal approval amid latest tariffs kerfuffle
Is this finally the time for gold to reach new record highs after the tariffs ruling?
US-Iran risk keeps oil prices underpinned; third round of talks on Thursday in focus
BOE’s Taylor: Become more reassured that we are proceeding towards inflation normalisation
Lagarde reportedly receives six-figure BIS stipend despite ECB ban on third-party payments
Germany February Ifo business climate index 88.6 vs 88.4 expected
Italy January final CPI +1.0% vs +1.0% y/y prelim
Dollar recovers as traders continue to digest tariffs uncertainty
JPY leads, AUD lags on the day
European indices mixed, US futures lower as Trump threatens to use ‘licenses’ in place of tariffs
DAX down 0.6%, S&P 500 futures down 0.5%
Gold up 1.1% to $5,161, silver up 2.8% to $86.98
US 10-year yields down 1.4 bps to 4.07%
WTI crude oil up 0.6% to $66.67
Bitcoin down 2.0% to $66,270
The session was one marked by caution as markets are still digesting what to make do of the US Supreme Court tariffs decision on Friday last week. With the Trump administration now needing to seize tariffs under the IEEPA, trade uncertainty remains heightened after having announced blanket 15% tariffs for 150 days under Section 122 of the Trade Act of 1974.
And late on in the session, Trump came out to threaten ‘licenses’ in place of tariffs to punish trade partners instead. Well, it remains to be seen how that will work out. However, we are seeing some modest market reactions in response.
The dollar held weaker throughout to start the day but is now recovering some ground. EUR/USD is flat at 1.1780 after hovering around 1.1810-30 earlier in the session. Meanwhile, USD/JPY may be down 0.1% to 154.90 currently but that is well off the lows for the day at 154.00 earlier.
Despite the dollar recovery, precious metals remain bid with gold up 1.1% to $5,161 currently. Meanwhile, silver is up nearly 3% to $86.98 as the erratic and uncertain trade policy approach by the US administration reinvigorates the precious metals trade.
As for risk sentiment, there were some tentative recovery signs early on but that has been dashed after Trump’s latest threat.
S&P 500 futures are now down 0.5% after having recovered to be marginally down by 0.1% at one point during the session. In Europe, major indices are mostly lower amid a more mixed mood. The DAX is down 0.6% with CAC 40 down 0.2% on the day.
In other markets, 10-year Treasury yields are staying pressured and down 1.4 bps to 4.07% while Bitcoin is struggling after a plunge in Asia and is still down 2% to $66,270 currently.