Record Blizzard Cleanup; Trump’s 10% Levy Takes Effect

Key takeaways

The Blizzard of 2026 caused significant disruption across the Northeast, leading to record snowfall and widespread power outages.
President Trump’s State of the Union address focused on tariffs and affordability, outlining key proposals aimed at addressing economic concerns ahead of the midterm elections.
The implementation of new tariffs marks a shift in Trump’s trade policy as he navigates previous setbacks from the Supreme Court's rulings.

Summary

Impact of the Recent Blizzard

A powerful winter storm affected the Northeast, depositing record levels of snow across eight states. Areas experienced snowfall accumulation of over a foot, with Providence, Rhode Island, breaking records with 38 inches. The storm resulted in the grounding of over 11,000 flights and left more than 500,000 homes and businesses without power. Snowplow crews struggled with treacherous conditions, particularly in Massachusetts where driving restrictions were imposed. The clean-up is expected to take several days.

President Trump's State of the Union Address

As President Trump delivered his State of the Union address, two major domestic themes emerged: affordability and tariffs. Trump's approval rating currently stands at 42%. With the midterm elections approaching, he highlighted proposals such as capping credit-card interest at 10%, reducing household energy prices, and preventing corporations from purchasing single-family homes. The Supreme Court's recent decision on tariffs continues to shape Trump's trade agenda, with new 10% levies now in effect, although further increases to 15% are contemplated.

Trade Policy Developments

Trump's new global tariffs took effect as part of his administration’s ongoing effort to manage international trade relations. Following a Supreme Court ruling that annulled his prior tariff policies, the president authorized a 10% import tax. The White House is preparing an order to potentially raise the tariff to 15% in the future, underscoring the administration's push to navigate several legislative challenges while trying to bolster trade strategies.

Show notes

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) A powerful winter storm started to taper off across the Northeast Monday evening after smashing records and dropping more than a foot of snow in eight states. The impact is expected to linger for days. More than 11,000 flights have been grounded through Tuesday, and more than 500,000 homes and businesses were without power as of 5:45 p.m. local time. Drivers in some parts of Massachusetts have been ordered to stay off the roads as snowplow crews struggle to catch up after whiteout conditions engulfed the state’s South Coast. Manhattan’s Central Park recorded about 20 inches (50 centimeters) of snow from Sunday through Monday. Islip on Long Island received more than 22 inches, according to the National Weather Service. Providence, Rhode Island, broke its record for a single snow storm with 32.8 inches, the National Weather Service said. The old record was set from Feb. 6-7 during the Blizzard of 1978 when 28.6 inches fell.
2) Affordability and tariffs are expected to be two key domestic themes of President Trump's State of the Union address, posing headline risk for credit-card issuers, homebuilders, single-family REITs and retailers exposed to duties. He will likely address the Supreme Court's tariff ruling, reiterating his pledge to keep them in place, while other proposals requiring congressional approval face long odds in 2026. With President Trump's approval rating at 42% according to RealClearPolitics, consumer affordability of goods and services will be a key focus for the administration ahead of the US midterm elections in November. So far in 2026, Trump has proposed measures such as a 10% cap on credit-card interest, regulatory cuts to lower household energy prices, tax relief and prohibiting corporations from purchasing single-family homes. Yet investors should note that presidential authority to drive affordability goals may be limited, especially if congressional approval is required or if tariff policy risks driving higher inflation.
3) President Trump’s new 10% global tariffs went into effect on Tuesday, kicking off a White House effort to preserve the adminstration’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. The White House is working on a formal order that will increase the global tariff rate to 15%, according to an administration official. The timeline for implementing that higher levy has not been finalized, said the official, who spoke on the condition of anonymity to discuss private matters.

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