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Tariff Regime in Flux as Trump Replaces Struck-Down IEEPA Levies With 10–15% Section 122 Duties

Following a Supreme Court ruling that invalidated President Trump's broad emergency tariffs imposed under IEEPA, the administration swiftly replaced them with a 10% across-the-board import duty under Section 122 of the Trade Act of 1974, with U.S. Trade Representative Jamieson Greer confirming the rate will rise to 15% for certain trading partners. The legal and economic uncertainty is reverberating across equity, commodity, and currency markets.

Stripe Said to Weigh Full or Partial Acquisition of PayPal in Landmark Fintech Deal

Payments giant Stripe is evaluating a potential acquisition of all or part of PayPal Holdings, according to reports citing people familiar with the matter, sending PayPal shares surging more than 13% over two sessions. The prospective deal would represent one of the largest fintech consolidations in history and arrives as PayPal grapples with a recent CEO departure, a cautious 2026 profit outlook, and intensifying competitive pressure from AI-enabled payment solutions.

Stripe Said to Weigh Full or Partial Acquisition of PayPal in Early-Stage Talks

Payment processing giant Stripe, freshly valued at $159 billion following a secondary share sale, is in preliminary discussions to acquire all or parts of PayPal Holdings, according to sources familiar with the matter. The report has sent PayPal shares up more than 9% over two sessions, as investors bet that a deal could breathe new life into a company that has lost significant market share to Apple Pay and Google Pay.

Trump State of the Union Defends Tariff Regime, Vows Replacements After Supreme Court Setback

President Donald Trump delivered the longest televised State of the Union address in modern history on Tuesday evening, defending his sweeping tariff agenda and pledging to implement replacement levies under alternative legal authority following last week's Supreme Court ruling that struck down the majority of his IEEPA-based import taxes. Markets opened broadly higher Wednesday, suggesting investors interpreted the speech as providing policy clarity rather than fresh uncertainty.

Medtronic Posts Strongest Revenue Growth in Ten Quarters, Reiterates Full-Year Outlook

Medtronic reported third-quarter fiscal 2026 revenue of $9.02 billion, an 8.7% year-over-year increase representing the company's highest enterprise revenue growth in ten quarters, beating analyst estimates of $8.89 billion. Non-GAAP diluted EPS of $1.36 beat consensus by three cents, and the medical device giant reiterated full-year organic revenue growth guidance of approximately 5.5% despite a projected $185 million tariff headwind.

Tariff Burden on U.S. Households Hits $1,300 as Corporate Guidance Flags Mounting Trade Policy Headwinds

Tax Foundation analysis confirms that President Trump's cumulative tariff regime now represents the largest U.S. tax increase as a share of GDP since 1993, imposing an average annual burden of $1,300 per household in 2026. With Goldman Sachs estimating American companies and consumers bear over three-quarters of tariff costs, earnings guidance across industrials, consumer discretionary, and healthcare is increasingly reflecting this structural drag on margins and consumer demand.

Steel Stocks Slip on Rumored Tariff Rollback

Shares of major U.S. steel producers fell as concerns mounted that the White House may roll back tariffs on imported steel and aluminum implemented in 2025. Investors are pricing in a potential reduction in protection for domestic producers, weighing on earnings outlooks for companies that had benefited from elevated commodity prices and strong domestic demand.

Safe-Haven Metals Bounce Back After Recent Selloff

Gold and silver markets staged a notable rebound following recent volatility as investors sought refuge amid broader risk asset fluctuations. With market conditions shifting and safe-haven demand rising, traders and portfolio managers are reassessing exposure to precious metals, even as macro uncertainties continue to shape flows across commodities and equities.