Global Trade Daily Briefing - 2026-02-21

Daily Foreign Trade Briefing for 2/20/2026. Curated insights on Finance, Logistics, Compliance, and Global Markets.

Global Macro & Finance

Blue Owl's $1.4 billion sale of software loans highlights mounting pressure in private credit as investors seek liquidity, while the Federal Reserve's latest minutes reveal ongoing internal division over the future path of interest rates.

Illiquid loans, investor demands: Blue Owl's software lending triggers another quake in private credit

Blue Owl sold $1.4 billion of its software loans at a slight discount to meet investor liquidity demands. (Finance)

Fed officials split on where interest rates should go, minutes say

Federal Reserve officials are divided on the future direction of interest rates. (Finance)

Global Logistics (Sea & Air)

A landmark Supreme Court ruling has struck down Trump-era tariffs, triggering a major refund scramble and clarifying presidential powers under the International Emergency Economic Powers Act. Meanwhile, the logistics landscape is shifting, with regional UK airports capitalizing on e-commerce growth and new US fees on Chinese-built vessels looming as key topics at industry events like TPM26.

Semafor: Howard Lutnick’s old firm did not, in fact, profit from Supreme Court tariff ruling

Despite prior speculation, Howard Lutnick's former firm did not financially benefit from a Supreme Court tariff decision. (The Loadstar)

Supreme Court’s landmark ruling – key takeaways

The Supreme Court ruled that presidents cannot unilaterally impose tariffs under the International Emergency Economic Powers Act. (The Loadstar)

Supreme Court strikes down Trump tariffs, triggering refund scramble

The Supreme Court's ruling against Trump-era tariffs has forced U.S. Customs to organize massive refunds to importers. (The Loadstar)

Loadstar Leader: all change – and plus ca change at TPM26

The main topic at the TPM26 shipping conference was new US fees on Chinese-built vessels. (The Loadstar)

Regional UK airports ride ecommerce surge as London growth stalls 

Regional UK airports are seeing cargo growth driven by ecommerce, while London's expansion stalls. (The Loadstar)

Regional Markets

Political tensions across the Americas are rising, as evidenced by Trump's renewed tariff threats in the U.S. and security incidents like the package bomb in Argentina, while regional governments in Brazil, Peru, and Uruguay face intense domestic scrutiny over judicial, clemency, and diplomatic decisions.

Trump vows new 10% global tariff after Supreme Court curbs emergency levies

Trump criticized the Supreme Court for limiting his tariff powers but vowed to continue his trade strategy with new tariffs. (MercoPress)

Brazil’s top prosecutor opposes Bolsonaro house arrest

Brazil's top prosecutor opposes moving Bolsonaro to house arrest, arguing his current prison has sufficient medical care. (MercoPress)

Peru’s transitional government rules out pardons after Pedro Castillo clemency request

Peru's government says it will not grant a pardon to former President Pedro Castillo. (MercoPress)

Package bomb injures four at Argentina gendarmerie school in Buenos Aires

A package bomb exploded at a Buenos Aires gendarmerie school, injuring four personnel. (MercoPress)

Uruguay foreign minister Lubetkin grilled over Venezuela, China–Taiwan wording and US visas

Uruguay's foreign minister faced parliamentary questioning over the country's positions on Venezuela, Taiwan, and US visa policies. (MercoPress)