Supreme Court rules IEEPA does not authorize Trump's tariffs
The Supreme Court held on February 20, 2026 in Learning Resources v. Trump, consolidated with Trump v. V.O.S. Selections, that the International Emergency Economic Powers Act does not give the president power to impose tariffs. The ruling wiped out the fentanyl-related and reciprocal tariffs that rested on that statute. Section 232 and Section 301 duties were not affected, and refunds of duties already collected were left for lower courts to sort out.
- Ruling date: February 20, 2026
- Cases: Learning Resources, Inc. v. Trump and Trump v. V.O.S. Selections
- Section 232 and 301 tariffs were not affected; refund scope left to lower courts
SPX around the story · hourly24 h reaction ▼ 0.35%
Moves this explains
XAU+2.33%Feb 19 · Gold rose 2.24% the day the US Supreme Court struck down Trump's sweeping IEEPA tariffs. Reuters-syndicated coverage reported spot gold near $5,025 mid-morning after the ruling, with the weaker dollar as the main channel.GOOGL+3.62%Feb 19 · GOOGL rose 3.62% to $315.75 on the day the Supreme Court ruled that IEEPA does not authorize Trump's tariffs, which removed a source of trade uncertainty; press coverage linked the rally to that ruling and to Alphabet's advertising and cost backdrop. The move came on a broad up day (SPX +0.64%, QQQ +0.77%, META +1.56%, COIN +3.23%, TSM +2.72%).Source
Thomson ReutersFeb 20, 2026