US to stop collecting illegal tariffs

Reuters Daily Briefing <dailybriefing@thomsonreuters.com>
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2026-02-23 13:01

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

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