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   Trump’s tariff workaround?
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   Plus: Netflix gets notes.
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               Tuesday, February 24, 2026
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               Nathan Posner/Anadolu
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               Good morning, Quartz readers! It’s Shannon Carroll with the Daily Brief. Today, the White House finds a new tariff lever in an old statute, Netflix fields 
a caps-lock demand mid-merger, Brussels presses pause on the trade pact, and Mr. Clean announces a stain-free exit.
              </span>
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               HERE'S WHAT YOU NEED TO KNOW
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              <strong style="background-color:#FFFFFF;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               Europe just froze Trump’s trade deal.
              </strong>
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               Following the high court knocking out Trump’s “Liberation Day” tariffs, EU lawmakers moved to suspend ratification until they know what legal authority his next
              </span>
              <a data-linktext="tariff workaround rests on." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
               tariff workaround rests on.
              </a>
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              <strong style="background-color:#FFFFFF;font-family:Helvetica Neue,Helvetica,Arial,sans-serif;color:#000000;font-size:16px">
               NASA’s moon return keeps slipping.
              </strong>
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               After a hydrogen leak pushed Artemis II off an early-February target, a new helium problem triggered another rollback and whiplash for the crew,
              </span>
              <a data-linktext="putting the March window out." data-linktype="Normal" style="color:#168DD9;background-color:#FFF;font-family:Helvetica 
Neue,Helvetica,Arial,sans-serif;font-size:16px;text-decoration:none;" target="_blank">
               putting the March window out.
              </a>
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                   A new year is a natural 
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                   Notes automatically renew unless you opt out at maturity, giving you flexibility as allocations change. For a limited time, invest $1,000 or more and receive a $100 bonus. Rates are subject to change, so lock in today’s 8.25% rate and start the year with exposure beyond public markets.
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               LAW AND BORDER
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               Somewhere in the West Wing, someone is treating the U.S. Code like a spare-parts drawer. The Supreme Court knocked down many of President Donald Trump’s global tariffs on Friday, and the response came fast: Rebuild the same wall with a new set of legal bolts, then dare everyone to call it flimsy.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Trump’s tool of choice is Section 122 of the 1974 Trade Act, a provision so obscure it feels like it should come with a Westlaw login. He 
used it to impose a 10% across-the-board tariff on most countries for six months unless Congress extends it, then pushed it to 15% — the maximum rate the statute allows.
              </span>
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              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               But lawyers and economists see a pretty big problem: The administration is stepping onto terrain it previously waved off.
              </span>
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             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               In a Supreme Court briefing last fall, the Justice Department argued Section 122 had no “obvious application” to reducing the trade 
deficit, one of Trump’s favorite justifications for tariffs. Now, the White House is leaning on the very authority it recently treated as a mismatch.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Neal Katyal, counsel for the plaintiffs at the high court, said the pivot forces a legal U-turn. “His DOJ, in our case, filed briefs to the courts that said Section 122 is inapplicable and the president can't use it,” he said on MSNOW.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               If your next defense requires 
cross-examining your last defense, you’re not building certainty; you’re building a docket.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Trade partners are reacting like they just watched the contract terms start to wiggle. The EU paused a trade accord that was reached last year but never finalized, with lawmakers asking whether the tariffs they’d agreed to live with would even be legal.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Trump, meanwhile, threatened countries that “play games” with the court 
decision with “a much higher Tariff,” even as Section 122 already tops out at 15%.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               But the immediate fallout is less about 10% or 15% than about durability. When tariff policy depends on a six-month timer and a statute the government recently minimized, every deal starts reading like it’s pending appeal.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Trump wants leverage that lasts; he’s offering the world a rate card that expires — and a lawsuit that probably won’t.
              </span>
              <a data-linktext="Quartz’s Joseph Zeballos-Roig has more on the six-month timer that makes every tariff deal feel conditional." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
               Quartz’s Joseph Zeballos-Roig has more on the six-month timer that makes every tariff deal feel 
conditional.
              </a>
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               RECOMMENDED READING
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                   The future of tech, decoded.
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                  <a data-linktext="Semafor Technology" data-linktype="Normal" style="color:#105C8E;text-decoration:none;" target="_blank">
                   Semafor Technology
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                  unpacks the ideas, innovations, and power shifts redefining the global tech landscape. From AI and machine learning to the startups and policies shaping the industry, each 
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               BOARD GAMES
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            <td class="td100" colspan="6" style="padding-right:30px;padding-left:30px;line-height:1.5;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:12px;color:#000000;mso-line-height-rule:exactly">
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              <span style="font-size: 16px">
               President Donald Trump just handed Netflix some “notes,” and they weren’t about a script. 
Over the weekend, he demanded a change to the company’s cast list — by firing board member Susan Rice — while Netflix is trying to land a merger that still needs regulators to sign off.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Over the weekend, Trump told Netflix to fire board member Susan Rice “IMMEDIATELY” or “pay the consequences,” calling her “racist, Trump Deranged” and sneering, “How much is she being paid, and for what???” Rice isn’t a Netflix employee, and directors don’t get “fired” like staff.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Rice had gone on a podcast and warned that companies that “take a knee” to Trump are likely to be “held accountable” when political power swings back. If businesses expect Democrats to “play by the old rules” and “forgive and forget,” she said, they’ve “got another thing coming.” Trump heard a dare and answered with a post that reads like a deadline.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Netflix and Warner Bros. Discovery agreed in December to a merger 
valuing Warner’s studio-and-streaming business at $82.7 billion, and the deal needs approval from Trump’s Department of Justice and regulators.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               And Warner Bros. has another clock running: It gave Paramount a seven-day window ending Monday, Feb. 23, to submit a “best and final” offer that Netflix can match.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Netflix’s public posture has been to keep the suits in charge.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Co-CEO Ted Sarandos told the BBC, “This is a business deal,” and said the process runs through the DOJ and regulators worldwide. When asked about Trump, he shrugged: “He likes to do a lot of things on social media.”
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Merger lawyers like quiet rooms, clean timelines, and sentences that don’t end in three question marks. Netflix’s current to-do list includes all of that, plus a presidential demand delivered in caps-lock, aimed at someone who doesn’t even work 
there.
              </span>
             </div>
             <div>
              <br/>
             </div>
             <div>
              <span style="font-size: 16px">
               Netflix sells cliffhangers. This one comes with a filing deadline — and no option to skip (or mute).
              </span>
              <a data-linktext="Quartz’s Shannon Carroll has more on an all-caps attempt
to rewrite Netflix’s boardroom casting." data-linktype="Normal" style="color:#168DD9;font-size:16px;text-decoration:none;" target="_blank">
               Quartz’s Shannon Carroll has more on an all-caps attempt to rewrite Netflix’s boardroom casting.
              </a>
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