ECONOMIC WEEK AHEAD: February 23–27

Now that the gavel has fallen on Donald Trump’s tariffs, the question is how the US president will try to save face. President Trump’s move on Saturday to slap 15% universal levies on the globe—up from an initial 10% on Friday—dispels the notion that Trump might’ve lost the taste for trade-warring. Where Trump takes tariffs now is anyone’s guess.

On Friday, the Supreme Court upheld a lower court ruling that Trump can’t bypass Congress and use the International Emergency Economic Powers Act (IEEPA) to impose global tariffs. Trump World claims that it has several workarounds. This uncertainty is sure to increase the drama surrounding Trump’s State of the Union address (Tue).