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Supreme Court rules against Trump's illegal tariffs            

                54 responses |          

                Started by metmike - Feb. 20, 2026, 10:19 a.m.      

      https://www.marketforum.com/forum/topic/118035/

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The Next Phase of Trumpflation Has Arrived, and It's Terrible News for the Federal Reserve and Wall Street

https://finance.yahoo.com/economy/policy/articles/next-phase-trumpflation-arrived-terrible-082601997.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAC-P82Jj18dXerK5vLp90GeFMVnlIybmJkFhwq1iz0BQs7CfEl1cFL-xf0aTF6P-CWFButKJ2T3f1sVtgt5wPMjaLQqo5cChtf7VhyrKs8azVr6mt9rSIoW7cr3FE7pa16HOocu8eu9mNmGpuvUXbPzFaTmhHRrXExMAbO1isSW0

Tariffs have been modestly affecting consumer prices for more than a year. In April 2025, Trump unveiled his "Liberation Day" tariffs, consisting of a sweeping global tariff and higher reciprocal tariffs on dozens of countries deemed to have unfavorable trade balances with the U.S. President Trump imposed these tariffs under the International Emergency Economic Powers Act (IEEPA).

In February 2026, the U.S. Supreme Court voted 6-3 against Trump's use of tariffs under IEEPA, invalidating them. This court defeat was followed by Trump imposing a 150-day, 10% global import duty under Section 122 of the Trade Act of 1974 that expired on July 24. Finally, in late July, the Trump administration instated global tariffs on more than 80 countries, ranging from 10% to 12.5%, under Section 301 of the Trade Act of 1974.

While tariffs are designed to protect American jobs and enable domestic goods to be price-competitive with those brought in from overseas, they can also raise domestic production costs. Adding duties to unfinished goods/raw materials often leads to higher expenses being passed on to consumers.