It's Over: The Supreme Court Just Killed Trump's Tariffs. Now What?
In one of the most consequential legal decisions for U.S. markets in recent memory, the Supreme Court delivered a 6-3 ruling on February 20, 2026, striking down the sweeping tariffs President Donald Trump imposed under the International Emergency Economic Powers Act (IEEPA). Chief Justice John Roberts wrote the majority opinion, joined by five other justices, concluding that IEEPA "does not authorize the President to impose tariffs." For American investors, this isn't just a political headline — it's a seismic event with immediate and long-term implications for your portfolio. Let's break down exactly what happened, what it means for global trade, and how to position yourself. What the Court Actually Ruled Trump first began invoking IEEPA to impose tariffs shortly after taking office, culminating in what became known as "Liberation Day" in April 2025 — a sweeping round of "reciprocal" tariffs targeting nearly every U.S. trading partner. At...