U.S. Customs identified close to $3.6 billion in surety bond insufficiencies in fiscal 2025, a financial guarantee trade experts say has soared due to tariffs.

By Michael S. Derby Feb 12 (Reuters) - Americans are shouldering almost all of President Donald Trump’s import tax surge, a report from the Federal Reserve Bank of New York said on Thursday. The bank said 90% of the tariffs imposed by the president on imported goods are borne by American consumers and companies.

Research from the New York Fed confirms that U.S. companies and consumers are bearing tariff costs, despite the president’s assertions otherwise.

Exports of Scotch whisky to the US fell by 15 per cent after President Donald Trump imposed new tariffs on the UK, according to an industry body. The Scotch Whisky Association said global exports of the drinks in 2025 were down 0.6 per cent in value, to £5.36bn, and 4.3 per cent in volume, to 1.3bn bottles, from the year before.

A joint statement confirmed that India will purchase $500bn (£367.4bn) worth of US goods over five years, but did not mention a pledge by Delhi to stop Russian oil purchases. Earlier last week, the countries had announced a trade deal, with the US cutting tariffs on Indian goods to 18% from 50%.

The justices put the case on a fast track at the administration’s urging. But they don’t seem in a rush to rule on the president’s signature economic program.

Here are five key things investors need to know to start the trading day.

The luxury car-maker continues to grapple with tariff costs and intense competition in China.