Tariffs, flight cancellations, OpenAI's spending reset and more in Morning Squawk

• The Supreme Court ruled Trump's original tariff authority was unauthorized, potentially triggering billions in refunds to importers who already paid duties
• Trump quickly enacted a new 15% global tariff after the ruling, drawing criticism from European and Asian leaders and causing India to pause trade negotiations
• OpenAI slashed its projected infrastructure spending from $1.4 trillion to $600 billion by 2030, while raising revenue expectations to over $280 billion by decade's end

Market Summary: Tariff Turmoil and Corporate Developments

Tariffs and Trade Policy

The Supreme Court struck down President Trump's tariffs in a 6-3 ruling on Friday, declaring they exceeded presidential authority. Trump responded by announcing a new 15% global tariff on Saturday. The U.S. government potentially faces significant refunds to importers for previously paid tariffs. While stocks rose Friday following the decision, futures fell Monday morning as investors assessed the weekend tariff increase. India's negotiators reportedly canceled Washington talks following the ruling, raising questions about recently negotiated trade deals. European leaders condemned the new 15% levy despite initially welcoming the court's decision.

Travel Disruptions

A major Northeast blizzard caused widespread flight cancellations, with 15% of Monday's scheduled U.S. departures canceled during the busy winter break period. Airlines waived change and cancellation fees for affected East Coast airports. The TSA initially reported PreCheck lane closures due to a partial government shutdown, though services were later confirmed operational.

OpenAI Spending Revision

OpenAI drastically reduced its infrastructure spending projections to $600 billion by 2030, down from the previously announced $1.4 trillion. The AI startup expects over $280 billion in 2030 revenue, compared to just $13 billion in revenue last year, amid concerns about justifying massive investment levels.

Corporate Developments

Trump demanded Netflix fire former Biden official Susan Rice "IMMEDIATELY," threatening consequences as the DOJ reviews Netflix's proposed acquisition. In the toy sector, Hasbro outperformed Mattel with 14% revenue growth in fiscal 2025, driven by 45% growth in its Wizards of the Coast unit, while Mattel's sales declined 1%.