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Winners & Losers as Trump Announces 15% Global Tariffs | Daybreak Europe 2/23/2025

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February 23, 2026

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Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins.

On today's show, the dollar and US futures fall after the US Supreme Court's ruling against Donald Trump's tariffs under the International Emergency Economic Powers Act (IEEPA). The US President is now planning a 15% global tariff under Section 122 of the 1974 Trade Act. That stands to benefit countries facing higher tariffs, including China, India and Brazil. Countries which negotiated more favorable rates, including the UK, EU and Japan, risk losing out.

Today's guests: Janet Whittaker, Clifford Chance, Senior International Arbitration and Disputes Partner; Tatjana Greil Castro, Muzinich, Co-Head of Public Markets.

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