Headlines

The Supreme Court struck down President Donald Trump’s far-reaching global tariffs on Friday, handing him a significant loss on an issue crucial to his economic agenda, the Associated Press reported. The 6-3 decision centers on tariffs imposed under an emergency powers law, including the sweeping “reciprocal” tariffs he levied on nearly every other country. The majority found that the Constitution “very clearly” gives Congress the power to impose taxes, which include tariffs. “The Framers did not vest any part of the taxing power in the Executive Branch,” Chief Justice John Roberts wrote.

Thousands of companies and importers are set to launch what could be a prolonged battle to try to recoup as much as $170 billion in tariffs they’ve already paid to the U.S. government after the Supreme Court struck down a key tool in President Donald Trump trade policy, Bloomberg News reported. The top court was silent on the topic of refunds when it ruled on Friday that Trump didn’t have legal authority to impose the duties under an emergency law. The administration’s loss is poised to reverberate across the global economy. The scale and reach of any refund process would be unprecedented.

Private-sector activity in the U.S. slowed in February as tariffs drove costs higher for firms, while Europe expanded at a stronger pace than anticipated as a rebound in industry signaled resilience against lingering headwinds, the Wall Street Journal reported. The S&P Global Flash U.S. Composite PMI—based on a survey of around 650 manufacturers and 500 service providers—fell to 52.3 this month from 53.0 in January. A reading above 50 indicates activity continued to grow.

An Ontario court has agreed to recognize a U.S. bankruptcy filing from the operator of Eddie Bauer’s Canadian stores, the Canadian Press reported. The Ontario Superior Court’s recognition of the case paves the way for any outcomes in the U.S. proceedings to more easily be applied in Canada. When apparel firm Eddie Bauer LLC filed for bankruptcy protection earlier this month, it said it would look to sell its stores while it liquidates its Canadian and American shops. The Ontario court filings show 24 of the company’s 175 North American stores are in Canada.

India Debt Resolution Co Ltd (IDRCL), the managing arm of the government-backed bad bank, National Asset Reconstruction Co Ltd (NARCL), has distributed about Rs 330 crore among banks after resolving two accounts in its first resolutions since the bad bank started operations in 2022, the Economic Times of India reported.

Japan's annual core consumer inflation hit a two-year low to match the central bank's 2% target in January, data showed on Friday, suggesting weakening price pressure that could complicate its decision on how soon to raise interest rates, Reuters reported. A separate index seen as a better indicator of underlying inflation also slowed but remained well above the Bank of Japan's target, suggesting that solid wage gains will keep the central bank on course to push up still-low borrowing costs.

South Korean regulators are facing increased scrutiny after they failed to discover an issue with crypto exchange Bithumb’s internal systems, which led to $43 billion in Bitcoin accidentally being credited to user’s accounts earlier this month, Decrypt.com reported. Korea’s Financial Services Commission and Financial Supervisory Service (FSS) had both reviewed Bithumb at least three times since 2022, according to a local report from The Korea Times—yet the pair never found a structural input issue that ultimately led to the problem.

The United States and Indonesia announced they have signed a trade deal, with Indonesia agreeing to open its borders wider to American goods, the New York Times reported. The deal, announced on Thursday, includes zero tariffs on virtually all U.S. exports to Indonesia and a 19 percent tariff on Indonesian goods. It formalizes an agreement the two countries made last July, making Indonesia the third country in Southeast Asia to lock in lower tariffs after Malaysia and Cambodia. Mr. Trump had threatened Indonesia with a 32 percent tariff at one point last year.

Wyndham said Wednesday that it booked $160 million in charges tied to the mid-January collapse of its largest European franchisee, Revo Hospitality Group, Skift.com reported. The charge was a reminder of the unpredictability of the hotel industry's asset-light business model, in which hotel groups like Wyndham don't own the hotels they market to guests. Revo is a Berlin-based operator that manages roughly 22,000 rooms under Wyndham and other brands.

South Africa’s biggest lenders raised $322-million in new loss-absorbing debt to comply with a central bank framework designed to ensure failing financial institutions can be recapitalised without taxpayer bailouts, Bloomberg News reported. Absa Group Ltd. raised R3.2-billion through the new instruments that are known as funding for loss-absorbing capacity, or FLAC, notes, the lender said in a statement Friday. They’re linked to Zaronia, the reference rate for short-term financial contracts that the central bank is introducing to replace the Johannesburg interbank average rate by year-end.