by winston » Wed Feb 25, 2026 11:54 am
What the Supreme Court Tariff Ruling Means for Trump and U.S. Trading Partners
What Happened:
On Feb. 20, the U.S. Supreme Court struck down the majority of President Donald Trump's global tariffs imposed under the International Emergency Economic Powers Act (IEEPA), ruling that he exceeded his authority. The decision removes tariffs targeting countries including Canada, Mexico, China, and Brazil, as well as the sweeping "Liberation Day" tariffs unveiled in April 2025.
What Changes & What Doesn't:
The ruling eliminates tariffs enacted under IEEPA and removes the threat of tariffs on countries buying Russian oil or doing business with Iran. However, it does not affect tariffs imposed under other authorities, including Section 232 national security tariffs on steel, aluminum and vehicles, or existing Section 301 tariffs-particularly those targeting China.
What Comes Next:
The Trump administration plans to invoke Section 122 to impose a 10% global tariff and launch new Section 301 investigations, while potentially expanding Section 232 probes-though these processes could take months and face legal hurdles.
Major trading partners will remain engaged with Washington but countries with large U.S. trade deficits, such as Vietnam, face elevated tariff risk.
Source: RANE Worldview
It's all about "how much you made when you were right" & "how little you lost when you were wrong"