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

24 snips

Feb 24, 2026

Guest

Laura Davison

Laura Davison, Bloomberg deputy Washington bureau chief, previews the State of the Union and political messaging. John Tucker, on-the-ground reporter, describes travel chaos, grounded flights and widespread outages across the Northeast. Craig Allen, Bloomberg meteorologist, breaks down historic snowfall totals, records and short-term forecasts. Multiple short updates cover cleanup, forecasts and lingering impacts.

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INSIGHT

Record Snow And Hurricane-Force Winds In The Northeast

The blizzard produced record-breaking snow with major coastal impacts across the Northeast.
Providence hit about 38 inches, New York City ~20 inches, and Nantucket gusts reached 80–85 mph, creating hurricane-force wind impacts and refreezing hazards.

ANECDOTE

Travel Chaos And Power Outages From The Blizzard

The blizzard's immediate human impact included mass flight cancellations and power outages that stranded travelers.
John Tucker reports over 11,000 grounded flights and more than 500,000 homes and businesses without power as people dig out.

INSIGHT

State Of The Union Focus On Tariffs And Affordability

Tariffs and affordability will dominate the State of the Union and carry market risk for credit-card issuers and retailers.
Bloomberg notes Trump's proposals include a 10% cap on card interest and other measures that may clash with legal and inflation constraints.

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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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