International News 24 February 2026
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UK Faces Sharp Tariff Increase Under Trump’s New 15% Trade Policy
The United Kingdom risks becoming one of the biggest losers under U.S. President Donald Trump’s new 15% universal tariff, introduced after the Supreme Court of the United States struck down his previous global tariff regime. Until now, the UK had benefited from a relatively lower 10% reciprocal tariff, but the new across-the-board rate would raise costs for British exporters. According to Global Trade Alert data, the UK—alongside Australia, Italy, and Singapore—would see some of the largest tariff increases, while countries such as Brazil, China, and India could benefit comparatively as they had previously faced much higher duties. The British Chambers of Commerce estimate the higher tariffs could add up to £3 billion in export costs and impact around 40,000 UK firms. British officials are urgently lobbying Washington for exemptions, though clarity remains limited. Trade specialist Sam Lowe of Flint Global said businesses must assume a 15% tariff until further guidance is issued. Cabinet Minister Bridget Phillipson confirmed high-level talks are ongoing to protect national interests, while the government remains cautiously optimistic that the UK’s preferential trade position with the U.S. will endure. The new tariff regime, implemented under Section 122 of the Trade Act of 1974, can last up to 150 days unless extended by Congress. While existing exemptions for steel, pharmaceuticals, and automotive products are expected to remain, other British exports—from Scotch whisky to toys—would face higher duties, potentially aligning UK treatment more closely with that of the European Union. Prime Minister Keir Starmer has previously invested significant diplomatic effort to secure favorable trade terms with Washington.
U.S. Dollar Slips After Supreme Court Tariff Ruling, Policy Uncertainty Caps Moves
The U.S. dollar weakened on Monday after the Supreme Court of the United States overturned most of President Donald Trump’s broad tariffs, a decision investors viewed as supportive of global growth. The euro rose 0.4% to $1.1823 and sterling gained a similar amount to $1.3521 in early Asian trading, while the dollar fell 0.4% against the Japanese yen to 154.42 amid thin holiday trading in Japan and China. Trump criticized the ruling and swiftly introduced a replacement 15% import tariff for 150 days, stating that high-tariff agreements with trade partners would remain intact. Analysts said the dollar’s decline reflects expectations of improved growth prospects outside the U.S., though longer-term currency impacts remain unclear. Commodity-linked currencies also edged higher, with the Australian dollar climbing above $0.71 and the New Zealand dollar nearing $0.60, while the safe-haven Swiss franc strengthened 0.5% to 0.7716 per dollar. Market participants remain cautious as uncertainty lingers over whether U.S. importers will receive refunds for previously paid tariffs and whether further legal or policy shifts could follow. The European Commission urged Washington to honor prior agreements with the European Union, including zero tariffs on selected goods such as aircraft and parts. Despite the latest developments, the dollar has fallen more than 9% in 2025 on expectations of Federal Reserve rate cuts, fiscal deficit concerns, and volatile trade policies, with analysts suggesting the administration’s ability to deploy tariffs as a policy tool may now be more constrained.
U.S. Dollar Weakens After Supreme Court Tariff Ruling, Uncertainty Persists
The U.S. dollar fell on Monday after the Supreme Court of the United States struck down most of President Donald Trump’s broad tariffs, a move investors viewed as supportive of global growth prospects. The euro rose 0.4% to $1.1823, while sterling gained a similar amount to $1.3521 in early Asian trading. The dollar also slipped 0.4% against the Japanese yen to 154.42, though trading volumes were thin due to holidays in Japan and China. Trump responded to the ruling by announcing a replacement 15% tariff for 150 days, maintaining that high-tariff agreements with trade partners would remain in place. Analysts said the dollar’s weakness reflects expectations of improved growth outside the U.S., though the longer-term currency impact remains uncertain. Commodity-linked currencies also edged higher, with the Australian dollar climbing above $0.71 and the New Zealand dollar nearing $0.60, while the Swiss franc strengthened 0.5% to 0.7716 per dollar. Market participants noted that uncertainty lingers over whether U.S. importers will receive refunds for previously paid tariffs, as the court did not address the issue, and further legal disputes could take years. The European Commission urged Washington to honor last year’s trade agreements, including zero tariffs on certain goods such as aircraft and parts. Despite the latest move, the dollar has already declined more than 9% in 2025 on expectations of Federal Reserve rate cuts, fiscal deficit concerns, and volatile trade policy shifts, with analysts suggesting the administration’s ability to use tariffs as a policy tool may now be more constrained.