US equity futures are lower ; President Trump raises the blanket tariff rate to 15 % from 10 % over the weekend - Newsquawk US Opening News

zerohedge.com · Feb 23, 2026 · Collected from GDELT

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President Trump raised the blanket tariff rate to 15% from 10% over the weekend, following SCOTUS ruling against IEEPA tariffs on Friday; EU is set to freeze trade deal approval over US President Trump's tariff risk, Bloomberg reports.European equities mixed; Defence names hit as Hungary blocks further funding.DXY pressured on renewed uncertainty after Trump increases global tariffs to 15%.Fixed income relatively contained and awaiting further tariff updates.WTI and Brent rangebound ahead of US-Iran talks this week; Spot XAU regains USD 5k/oz handle.US President Trump reportedly considers a targeted strike on Iran, followed by a larger attack and is open to deposing the Supreme Leader by force if Iran is stubborn, according to the NYT.Looking ahead, highlights include Chicago Fed National Activity Index (Dec/Jan). Speakers include BoE's Taylor, Fed's Waller & ECB's Lagarde. Earnings from Hims & Hers.Newsquawk in 3 steps:1. Subscribe to the free premarket movers reports2. Listen to this report in the market open podcast (available on Apple and Spotify)3. Trial Newsquawk’s premium real-time audio news squawk box for 7 daysTRADE/TARIFFSUS President Trump said on Saturday that he will increase the global tariff that was announced on Friday from 10% to 15% with immediate effect. Trump also stated that the 15% level is the maximum allowed by law and is still temporary, as Section 122 tariffs, and they will use the 150 days that the temporary tariff allows to work on issuing other legally permissible tariffs.EU is set to freeze trade deal approval over US President Trump's tariff risk, Bloomberg reports.US officials said that tariff deal partners should honour their agreements, while USTR Greer said he sought to separate the tariff agreements from the 15% global tariff that US President Trump recently announced.White House clarified that goods shipped under the USMCA will be exempt from the new global tariff that US President Trump announced on Friday, although risks regarding the future of the USMCA loom.German Chancellor Merz said expect the tariff burden on the German economy to be reduced following the US Supreme Court decision, while he added that they will have a very clear European position on this, as tariff policy is a matter for the EU, not individual member states, and he will go to Washington with a coordinated European position.US to cease collecting duties under IEEPA from 00:01EST/05:01GMT on February 24th, according to the Customs Agency.Goldman Sachs analysts indicate most Asian economies will experience slightly lower US tariffs after the Supreme Court ruling on IEEPA tariffs, with China expected to see the largest decline.China's MOFCOM said it is assessing the US Supreme Court's ruling on tariffs and urges the US to lift unilateral tariffs on trading partners. US tariffs on reciprocal goods and fentanyl breach trade rules and US law, and are not in the interest of any party.South Korea's Industry Minister said chips are not subject to Trump's new tariffs and noted uncertainty regarding US tariffs refund and that consultations with the US on tariffs and trade agreements will continue.South Korea's Finance Minister said the trade deal with the US is still valid.Japanese ruling LDP tax chief Onodera said the US tariff situation was a real mess following the SCOTUS tariff ruling.US Treasury Secretary Bessent said nothing has changed on tariff revenue and trade deals; The tariff collection is closer to USD 130bln, probably not USD 175bln. Will get back to same tariff level for countries, and it will be less direct. Thinks that every country will honour the trade deals. Would call on all countries to honour their agreements and move forward.All countries with trade agreements now drop to a 10% tariff, and the 10% rate applies until new authorities and processes kick in, according to CNBC citing a White House official.EUROPEAN TRADEEQUITIESEuropean bourses (STOXX 600 -0.3%) show a mixed picture following the shifting tariff environment in recent days. The IBEX 35 (+0.8%) and FTSE MIB (+0.7%) outperform their peers, while the AEX (-0.3%) and DAX 40 (-0.5%) lag.European sectors are mixed. Consumer Products and Services (+1.1%), Banks (+0.8%) and Utilities (+0.9%) gain at the start of the week, aided by multiple broker upgrades for banks while Enel (+5.9%) supports the Utilities sector. The Co. updated its 2026-28 strategic plan, raising its planned investment to EUR 53bln from EUR 43bln, seeing cuts of up to EUR 700mln by 2028 and approved the execution of a new tranche of its share buyback programme. On the other hand, Technology (-1.4%) and Health Care (-1.6%) underperform. European tech giant ASML (-1.9%) seems to have been hit on OpenAI planning USD 600bln in compute spending by 2030 (prev. cited USD 1.4tln).US equity futures (ES -0.2%, NQ -0.4%, RTY -0.5%) were initially hit at the start of the APAC session, as President Trump raised the tariff rate from 10% to 15%, but have since rebounded slightly as the pre-cash session continues.Novo Nordisk's (NOVOB DC) CagriSema 2.4 did not meet the primary endpoint of showing non-inferiority on weight loss vs tirzepatide 15mg at 84 weeks.OpenAI provided a more modest spending expectation and a more defined timeline in which it is now targeting around USD 600bln in total compute spending by 2030 instead of the USD 1.4tln in infrastructure commitments that CEO Altman previously claimed.Click for the sessions European pre-market equity newsflowClick for the additional newsFXDXY is slightly lower this morning and trades within a 97.35 to 97.70 range. Further pressure could see a test of its 21 DMA at 97.15. All focus today on Trump’s latest decision to impose a sweeping 15% Section 122 import tariff, following the SCOTUS decision to rule IEEPA tariffs as unlawful. The implications of the decision are mixed, with the likes of the UK and Australia now worse off, whilst the likes of Brazil and China benefit from the lower rates. SEB writes that the preliminary estimate of the global average tariff rate is now marginally lower at 12%, which is 1-2 percentage points lower than the prior rate. The Budget Lab also sees the effective tariff rate at 13.7% (prev. 16% under IEEPA taxes).As it stands, there is some near-term certainty regarding Section 122 tariffs, which can be implemented for a maximum of 150 days. Thereafter, any extension would need to be passed through Congress. Therefore, uncertainty stems from several points; a) how the US aims to “make-up” for lost tariff revenue, b) how trade partners react to the latest levies, c) the potential use of other trade-related policies (Section 301, Section 338, Section 232).G10s are broadly firmer against the USD; the GBP and EUR leads, whilst the Aussie lags a touch. The latter is slightly underperforming, given Australia no longer benefits from its previously negotiated 10% rate, under IEEPA.For the EUR specifically, European Parliament’s trade chief is to propose freezing the ratification of the EU’s trade agreement with the US until they receive details from the Trump administration regarding its trade policy. On data, the German Ifo report improved from the prior and surpassed expectations, suggesting the region's recovery is underway. Elsewhere, Japan's ruling LDP tax chief Onodera, described the US tariff situation as a real mess. USD/JPY currently trades shy of the 155.00 mark, with the high of the day at 154.90, a touch above its 100 DMA at 154.90.FIXED INCOMEA relatively contained start for fixed income as markets continue to digest the latest tariff measures, and with APAC conditions thin on account of Japan's holiday for the Emperor's Birthday.USTs are firmer by a few ticks in thin 112-27+ to 113-02+ parameters, within but at the top end of Friday's 112-23+ to 112-03+ confine; as a reminder, last week's peak was 113-14. Focus is primarily on the tariff situation, as the latest POTUS measures in response to the SCOTUS ruling have effectively lowered the global rate by a pp or two. However, we of course remain attentive to any further updates by President Trump and/or his administration in the near term. Additionally, we await remarks from Fed's Waller (voter), commentary that will be scrutinised for his tariff take. Thus far, Logan (2026) said the SCOTUS decision has led to more uncertainty and upside inflation risks remain, but noted that policy is well-positioned. Musalem (2028) stated that if the new tariffs are one-for-one, the outlook would be unchanged, but added that the ruling could introduce uncertainty. Note, the remarks were made before the weekend's move to 15%.Bunds are contained, but at the lower end of c. 20 ticks parameters. The benchmark has found itself under modest pressure this morning as European cash bourses trade mixed and with futures attempting a move into the green. Ahead, supply from the bloc is scheduled, but the main focus will be on how the Hungarian block on Ukraine-related policies/sanctions by the EU shakes out.Gilts gapped higher by 11 ticks and then climbed a handful further to a 92.51 peak. Upside that comes as the 15% global effective tariff lifts the UK above the 10% it used to be subject to, and thus skews the bias towards a March vs April cut by the BoE. The main input into that debate this week will be the appearance of Governor Bailey at the TSC.COMMODITIESCrude benchmarks are more subdued in the early European session as the market continued to digest Trump’s 15% tariff decision in response to SCOTUS’ striking down his IEEPA tariffs. It’s worth noting that crude benchmarks have had their best year thus far since 2022 (the same year Russia invaded Ukraine), and as geopolitical tension continues to persist, US-Iran talks are set to resume this week.Precious metals have kicked off the week glowing amid uncertainties from tariffs and geopolitical tension with Iran, increasing their prospect as a haven. Following the SCOTUS decision, US President Trump raised global tariffs