US to stop collecting illegal tariffs

Plus, Mexican military kills cartel boss 'El Mencho'.

Add Reuters to Your Google Preferred Sources Daily Briefing Daily Briefing By Claire Beers Hello. Uncertainty is the name of the game after the US Supreme Court ruled that Trump's tariffs are illegal. We look at the fallout. Mexico is grappling with the killing of cartel boss 'El Mencho' in a US-backed raid, and Tehran says it is ready for nuclear concessions if the US meets its demands.  Plus, a fitting farewell to the Milan Winter Olympics. Today's Top News   Shipping containers from China sit at the Port of Los Angeles in California. REUTERS/Mike Blake US tariffs fallout The US said it will halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01am EST on February 24, more than three days after the Supreme Court declared the duties illegal. Mike Dolan, Reuters Editor-at-Large for Finance & Markets, tells the Reuters World News podcast that this shifting US trade policy is confusing markets and in capitals around the world. The European Commission demanded the US stick to the terms of an EU-US trade deal reached last year, after Trump's global tariffs were struck down. China is making a "full assessment" of the tariff ruling and has urged Washington to lift measures on its trading partners, warning that fighting between the two countries is "harmful". In other news Iran has indicated it is prepared to make concessions on its nuclear program in talks with the US in return for the lifting of sanctions and recognition of its right to enrich uranium. A powerful winter storm forced school closures and pushed offices and transit systems onto emergency schedules, with officials across the region warning of heavy snow, strong winds and dangerous travel conditions. London police officers assigned to Andrew Mountbatten-Windsor were instructed to provide security for a dinner party at Jeffrey Epstein's residence in New York in 2010. Russia attacked Ukraine with dozens of strike drones and ballistic and cruise missiles as Russia's invasion enters its fifth year. US Secret Service and local police shot and killed a man armed with a shotgun after he breached a secure perimeter at Mar-a-Lago resort in Palm Beach, Florida. Dark comedy "One Battle After Another" was the big winner at Britain's top movie awards, picking up six BAFTAs including best film and best director for Paul Thomas Anderson. See the best of the red carpet here. Business & Markets   Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria Far from being a source of relief, the Supreme Court's takedown of Trump's tariffs has infused new risks and uncertainties into trade policy, US debt and the dollar.  Wall Street futures and the dollar slid as confusion over the US trade policy revived the "sell America" trade, after Trump imposed a new 15% tariff following the Supreme Court's ruling against his sweeping approach to trade levies. Oil prices fell over 1% as the US and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while Trump's fresh tariff hikes created uncertainty for global growth and fuel demand. Novo Nordisk said its experimental obesity drug CagriSema did not meet the primary endpoint in a trial designed to show it was non-inferior to competitor Eli Lilly's tirzepatide in reducing body weight. India has amended its tax treaty with France and removed the most‑favored‑nation clause. The government said it has also modified how it taxes dividend income, replacing the existing flat 10% rate with a split structure. Cop turned crime boss, Nemesio 'El Mencho' Oseguera leaves bloody legacy   Mexican drug lord El Mencho appears in undated photographs in a wanted poster on the US Department of State website with a $15 million reward. Mexican drug lord Nemesio Oseguera, commonly known as 'El Mencho,' infamous for the bloody trail of bodies he left behind in battles with government forces and rival gangs, has died in a military raid. An ex-police officer, Oseguera, 60, was the shadowy leader of the powerful Jalisco New Generation Cartel, an international criminal enterprise widely viewed as one of Mexico's most powerful. Arguably Mexico's most influential crime boss after captured kingpin Joaquin 'El Chapo' Guzman, now in a US prison, Oseguera diversified into rackets such as stolen fuel, forced labor and human trafficking. A new US-military-led task force specializing in intelligence collection on drug cartels played a role in the Mexican military raid. Read more And Finally... Flagbearers outside the closing ceremony of Milan's Winter Olympics. REUTERS/Fabrizio Bensch Italy said a fond farewell to the Winter Olympics with an open-air ceremony in the ancient Verona Arena that celebrated art and sporting achievement at a Games lauded as a model for how to stage such events. Read more   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036

Supreme Court roundly rejects Trump’s tariffs

Plus, the House of Windsor in crisis

Add Reuters to Your Google Preferred Sources Weekend Briefing Weekend Briefing From Reuters Daily Briefing   By Robert MacMillan, Reuters.com Weekend Editor Welcome to the Weekend Briefing. Donald Trump's State of the Union speech should prove interesting as he faces the Supreme Court justices he denounced as disloyal. The U.S. is prising Venezuela and Cuba apart bit by bit. City Memo takes us to Jakarta, and British restaurateur Asma Khan explains seasonality in cooking and why the customer is not always right – especially when they're seeking jet-lagged okra. Supreme Court roundly rejects Trump's tariffs   REUTERS/Ken Cedeno 6-3: The decision brushed aside Trump's use of a law meant for national emergencies to force through his tariff plans. Trump lashed out at the justices, calling two of his own picks an embarrassment to their families.  He also imposed a new 10% levy and is looking for other paths to impose new tariffs. The decision reasserts the court's role in the balance of power and checks Trump's largely uninhibited rule in Washington. Effects: Stocks rose on the court's ruling, which could force the U.S. to refund more than $175 billion in tariff collections. How will companies get their refunds? What does it mean for the global economy? Little immediate relief. U.S. makes list of Iranian leaders it could target Advanced stage: The U.S. even may pursue regime change in Tehran, two U.S. officials say. The military options are the latest signs that Washington is readying for serious conflict even as Iran prepares a counterproposal in its nuclear talks with the U.S. Russia and Ukraine: Volodymyr Zelenskiy told Axios Trump was exerting undue pressure on him in trying to end the war with Russia. Ukraine accused former energy minister German Galushchenko of laundering kickbacks and stashing money offshore after he was detained while trying to leave the country. Read more on the Ukrainians who long to return to their homes, and listen to our On Assignment podcast where our journalists talk about daily life amid bombardments and the freezing cold. Andrew's arrest drags the House of Windsor into royal crisis Shell shock: The arrest of the former Prince Andrew on suspicion of misconduct in public office and the public humiliation over his ties to Jeffrey Epstein will leave Charles, Prince William and their courtiers wondering if worse is to come or just reinforces the public's negative view of the king's younger brother. The Epstein files released by the Justice Dept. also have left Andrew's ex-wife Sarah Ferguson exposed and with no hope of public redemption. Related: Charles Schwab wired more than $27 million on behalf of Epstein to a realtor in Morocco as he tried to buy a palace days before his 2019 arrest. Morgan Stanley opened accounts for Epstein trusts as late as the same year. Sultan Ahmed Bin Sulayem's correspondence with Epstein proved to be his undoing at Dubai port giant DP World. Billionaire Les Wexner, founder of the company that owned Victoria's Secret and employer of Epstein as his money manager, denied knowledge of his crimes. Microsoft, ICE and surveillance Technology: Microsoft said it doesn't think that ICE is using its technology for mass surveillance of civilians in the United States. It also said it provided cloud-based technology to ICE after the Guardian reported that the agency deepened its reliance on Microsoft's cloud-based technology as it increased arrests and deportations. Weapons: Eric Trump is investing in a $1.5 billion merger between Israeli drone maker XTEND and a Florida-based construction-engineering company. A Scotiabank subsidiary dissolved its stake in Israeli arms manufacturer Elbit Systems after protesters criticized the investment. ASOS founder dies after fall from high-rise balcony Thailand: Quentin Griffiths, 58, fell from the 17th floor of an apartment building in the resort city of Pattaya. Police said the fashion retailer's founder died on Feb. 9, and that initial investigations suggested suicide. Business: The EU is investigating Shein over illegal products and its potentially addictive design. Recall that France urged the union to probe the online retailer for selling child-like sex dolls and banned weapons. Investors are putting pressure on Nestlé and Danone to reveal the impact of their infant-formula recalls. Danone is delivering, but it's probably not what they want to hear. And dessert is on Bain Capital's menu as well as Nestlé's. Before I forget… Australia will not help Australians in a Syrian camp holding families of suspected Islamic State militants return home. The so-called IS brides face prosecution if they come back. A tourist bus driving across the frozen surface of Lake Baikal in Siberia plunged into the water when the ice broke. Seven Chinese tourists and the driver died. Four Chagossians landed on the Île du Coin this week to try to complicate Britain's deal to transfer its Chagos Archipelago region to Mauritius. Guinea-Bissau halted a vaccine study funded by the Trump administration that seeks links into the Hepatitis B vaccine and autism, a claim promoted by RFK Jr. but contradicted by scientific evidence. 'MAHA' activists say Trump's order to boost glyphosate production may cost him their support in the congressional midterms. Some Democrats running for Congress are leaning on scripture to boost their appeal. Hackers targeted an Angolan journalist with Predator spyware, gaining full access to the contents of his phone, Amnesty International said. Nine people escaped custody in Malawi after they were caught smuggling charcoal in a hearse as part of a fake funeral procession.   Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters' website   Weekend Briefing is sent once a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. This email includes limited tracking for Reuters to understand whether you’ve engaged with its contents. For more information on how we process your personal information and your rights, please see our Privacy Statement. Terms & Conditions   © 2026 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036