Trump Tariffs Create Chaos, Says Former Spain Official | The Pulse 2/24
•February 24, 2026
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Why It Matters
The volatile tariff environment threatens transatlantic trade flows and forces corporations to re‑evaluate supply‑chain risk, while Europe’s response will shape the balance of power in future global trade negotiations.
Key Takeaways
- •Trump tariffs at 10% may rise to 15% within weeks.
- •EU pauses trade‑deal ratification, seeking clarity on U.S. policy.
- •Section 301 probes target industrial goods, increasing tariff uncertainty.
- •Companies urged to model multiple tariff scenarios for capital allocation.
- •Europe advised to stand firm, strengthen internal market and alliances.
Summary
President Donald Trump’s latest import levy of 10% has taken effect, with the White House signaling a possible increase to 15% and a 150‑day window for implementation. The abrupt move follows a Supreme Court decision that struck down earlier global tariffs and has left both U.S. and foreign firms scrambling for guidance.
Bloomberg’s Laura Davidson reported that the administration is also weighing Section 301 investigations into pipe fittings, large‑format batteries and industrial chemicals, a process that could take weeks or months. In Brussels, the European Parliament has temporarily halted ratification of the EU‑U.S. trade deal, citing the need for “breathing space” while Washington’s policy remains opaque. Barclays equity strategist Emmanuel warned that while the average tariff sits at 10%, the lack of a clear trajectory forces companies to prepare for a range of outcomes.
Former WTO chief of staff Arancha González urged Europe to stay firm, emphasizing that “the rule of law matters” and that conceding without reciprocal guarantees would undermine predictability. She called for a broader coalition, including Canada, the UK and Asian partners, to push back against what she described as an abusive use of tariff instruments.
The uncertainty reshapes capital‑allocation decisions, prompting firms to model multiple tariff scenarios and consider shifting exposure away from U.S. assets. For Europe, the episode accelerates calls for deeper market integration, energy security and a unified defensive stance, while investors watch for spill‑over effects on supply chains, pricing and earnings across sectors.
Original Description
Donald Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the president’s trade agenda after the Supreme Court struck down his original sweeping duties.
The president signed an executive order last Friday authorizing the 10% import tax just hours after the ruling. He subsequently threatened to raise the number to 15%, but Trump did not officially issue a directive to increase the rate by Tuesday at 12:01 a.m. Washington time when the 10% levy went into effect.
Today's guests:
Emmanuel Cau, Barclays, Head of European Equity Strategy; Arancha González Laya, Sciences Po, Dean of International Affairs & Former Spanish Foreign Minister; Lindsay Newman, King’s College London, Visiting Research Fellow.
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 - The Pulse with Francine Lacqua
00:00:26 - Trump's 10% global levy takes effect
00:02:39 - EU: Trump's new tariffs break trade agreement
00:04:20 - Emmanuel Cau, Barclays Head of European Equity Strategy
00:14:11 - Arancha Gonzalez Laya, Former WTO Chief of Staff & Former Spanish Foreign Minister
00:23:57 - Tuesday headlines
00:24:34 - Lindsay Newman, King's College London Visiting Fellow
00:32:24 - EU's Kallas on Ukraine-Russia war enter fifth year
00:36:06 - Russian invasion of Ukraine enters firth year
00:39:49 - StanChart unveils $1.5B buyback as profit misses
00:40:12 - Jamie Dimon sees parallel to pre-crisis era
00:45:20 - StanChart unveils $1.5B buyback as profit misses
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