Early moves on Monday indicated investors were beginning to price in a higher risk premium for US assets. Hours after the Supreme Court struck down his sweeping reciprocal tariffs on Friday, President Donald Trump imposed a new 10% global levy and vowed to use other powers to maintain his signature tariff policies. On Saturday, he said he will raise that new tariff to 15%, stoking fresh economic turbulence. For more on what this means for the markets, we speak to Carol Schleif, Chief Market Strategist at BMO Private Wealth.

Plus - Senior US officials said President Donald Trump's tariff defeat at the Supreme Court won't unravel deals negotiated with US partners. US Trade Representative Jamieson Greer said those deals remain in place and the administration will stand by them, expecting partners to do the same. The European Parliament's trade chief plans to propose freezing the EU's ratification of a trade deal with the US until the Trump administration clarifies its policy. So what does that mean for China? We hear from Sean Stein, President at the US-China Business Council. He spoke to Bloomberg's Shery Ahn and Avril Hong on the Asia Trade. 

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to earnings from chipmaker Nvidia along with a focus on 3 stocks for the week ahead. 
• In the UK – a look ahead to a special election in the UK.
• In Asia – a look ahead to India Prime Minister Narendra Modi’s two-day visit to Israel.

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The US Supreme Court struck down President Donald Trump’s sweeping global tariffs, undercutting his signature economic policy and delivering his biggest legal defeat since he returned to the White House.

Voting 6-3, the court said Trump exceeded his authority by invoking a federal emergency-powers law to impose his “reciprocal” tariffs across the globe as well as targeted import taxes the administration says address fentanyl trafficking.

The justices didn’t address the extent to which importers are entitled to refunds, leaving it to a lower court to sort out those issues. If fully allowed, refunds could total as much as $170 billion - more than half the total revenue Trump’s tariffs have brought in.

For instant reaction and analysis, Bloomberg Intelligence co-hosts Paul Sweeney and Scarlet Fu, o speak with:

- Bloomberg Washington correspondent Tyler Kendall
- Bloomberg Legal Analyst and host of Bloomberg Law June Grasso
- Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners
- Dave Townsend, Partner with Dorsey & Whitney

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Business and finance news from the Asia-Pacific.

Asian equities fell and oil rose to its highest level since August as escalating tensions in Iran weighed on sentiment. We get perspective from Paul Dobson, Bloomberg's Executive Editor for Asia Markets.

Plus - The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, with President Donald Trump saying that Iran had 10 to 15 days at most to strike a deal over its nuclear program. We heard from Barbara Slavin, Distinguished Fellow at the Stimson Center. She spoke to Bloomberg's Shery Ahn and Avril Hong.

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Sanae Takaichi was reappointed as Japan's Prime Minister following her resounding electoral win, a formality that allows her to turn her attention to expediting passage of the annual budget and implementing a trade deal agreed with US President Donald Trump.

Shifting drinking patterns and rising health concerns are leading to a long term decline in alcohol consumption worldwide. Many liquor companies are being forced to diversify. Kirin is no exception. It is a Japanese beer company. The company is diversifying and making a full scale push into health sciences to help drive growth. We heard from Toru Yoshimura, Senior Executive Officer at Kirin. He spoke to Bloomberg's Shery Ahn and Avril Hong.

Plus - A rebound in stocks gained traction amid easing jitters around artificial-intelligence disruption while a slew of data showed the US economy is holding up. We spoke to Tim Pagliara, Chief Investment Officer, CapWealth.

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Japan plans to invest $36 billion in US oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the trade agreement it struck with President Donald Trump.  "Our MASSIVE Trade Deal with Japan has just launched!" Trump posted Tuesday on social media. "The scale of these projects are so large, and could not be done without one very special word, TARIFFS." The most significant investment is a natural gas facility in Ohio that's expected to generate 9.2 gigawatts of power, according to a statement from Commerce Secretary Howard Lutnick, a massive project which Trump described as "the largest in History." We spoke to Isabel Reynolds, Bloomberg's Tokyo Bureau Chief.

Plus - Traders struggling to assess the outlook for artificial intelligence whipsawed stocks in another volatile session on Wall Street. We spoke to Jed Ellerbroek, Portfolio Manager at Argent Capital Management.

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Asian stocks were poised for a subdued start Tuesday, with holiday-thinned trading keeping volumes light as investors await a fresh round of economic data later this week for direction. Mainland China and Hong Kong are shut for Lunar New Year holidays. Investors are also paying attention to the shifts in sentiment around artificial intelligence, which may reverberate far beyond the technology sector with the emergence of the so-called AI scare trade. We speak to Stephanie Leung, Chief Investment Officer at StashAway. 

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Business and finance news from the Asia-Pacific.

Japan's economic output in the fourth quarter of 2025 was much weaker than expected, registering anemic growth after a deep contraction in the previous period, underscoring the case for Prime Minister Sanae Takaichi's proactive spending policies following her election triumph. For more on the latest reading and the market moves, we spoke to Mark Cranfield, Bloomberg's MLIV Strategist.

Plus - we go to earnings news. In Australia, the country's biggest steel maker, BlueScope said its first half net profit more than doubled. The company signaled higher payouts to shareholders over the next 12 months. BlueScope Steel recently rejected a takeover bid by conglomerate SGH and U.S. steelmaker 'Steel Dynamics'. For more on the latest results, we heard from Tania Archibald, CEO of BlueScope. She spoke to Bloomberg's Paul Allen and Shery Ahn on the Asia Trade. 

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Secretary of State Marco Rubio said Europe’s fate is intertwined with the US while faulting the continent for what he said was a drift away from their shared Western values. 
The double-edged message offered some reassurance to allied leaders gathered at the Munich Security Conference but did little to temper their push for more independence from Washington. 
“We want Europe to prosper because we’re interconnected in so many different ways, and because our alliance is so critical,” Rubio told Bloomberg News Editor-in-Chief John Micklethwait on the sidelines of the conference on Saturday. “But it has to be an alliance of allies that are capable and willing to fight for who they are and what’s important.”
“What is it that binds us together? Ultimately, it’s the fact that we are both heirs to the same civilization, and it’s a great civilization,” he said. “It’s one we should be proud of.”
Rubio’s comments elaborated on a speech he delivered to the event, Europe’s premier annual security gathering, earlier Saturday morning. The speech was the most anticipated of the three-day conference, with fellow leaders eager to hear if he would double down on the contemptuous tone voiced a year earlier by Vice President JD Vance at the same venue.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to what to expect from homebuilders in the months ahead along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to UK jobs data.
• In Asia – a look ahead to the Lunar New Year Holiday in China.

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