Good morning from the Financial Times.

Today is Monday, February 23rd, and this is your FT News briefing.

The U.S. Supreme Court has forced President Donald Trump to rethink his tariff regime.

We'll look at how it's going down with global trade partners and American voters.

Plus, the State of the Union is tomorrow, but today, J.P. Morgan's boss is giving a little

state-of-the-bank update to investors. What can we expect?

He likes to use this kind of stage to talk about everything and anything under the sun.

It's kind of Jamie Diamond unplugged a little bit.

I'm Victoria Craig, and here's the news you need to start your day.

The Supreme Court's landmark decision to strike down

President Donald Trump's use of emergency

powers to impose tariffs has left more questions than answers, not just for America's trading

partners, but U.S. businesses, too. The Trump administration this weekend replaced levees and acted

under the International Emergency Economic Powers Act, or AEPA, with a blanket 15% global rate.

That is due to go into effect tomorrow.

So what do the changes mean for trade deals that have been negotiated with the United States over the past year?

For the answer, let's bring in Peter Foster.

He's the FTs World Trade Editor.

Hi, Peter. Hi.

So IEPA-based tariffs are now gone, but that was only a portion of the Trump administration's overall tariff regime. What is still in place?

A lot of the tariffs on important things like automobiles and steel and aluminium and silicon chips were imposed under different

trade legislation and those tariffs still stand. So a country like Japan or South Korea or the

...