Supreme Court’s ruling on tariffs
With the Supreme Court’s tariff ruling in the headlines, we wanted to provide a brief update. The decision opens the door to new tariff pathways that will evolve over time, creating some uncertainty in the months ahead. The good news is that this is exactly the type of environment we prepare for. We’re watching developments closely and are well equipped to help you navigate both the opportunities and the risks as they unfold. Below is a breakdown of what changed, what risks remain, and what we will be paying attention to.
Market and Macro Implications
The Supreme Court’s 6–3 ruling striking down the IEEPA1-based global tariffs removes a major source of inflation and policy uncertainty.
- The effective U.S. tariff rate fell sharply from roughly 16% to 9.1% immediately after the ruling, easing pressure on goods prices.
- Equity markets reacted positively on the day of the ruling, particularly among import-sensitive companies.
New Policy Risks
While the Court shut down IEEPA tariffs, the administration immediately pivoted to Section 1222, imposing new global tariffs of 15% for at least 150 days. The court did not rule on refunds for previously paid tariffs, which remains another decision to be made. Additionally, the White House signaled upcoming Section 3013investigations, which could lead to new targeted tariffs.
What this means:
- Policy whiplash may continue through the 2026 election cycle, affecting specific sectors differently.
- International partners are already recalibrating (e.g., India delayed a trade delegation to reassess).
The Bottom Line
The Supreme Court ruling creates new and ongoing uncertainty with several potential paths for future trade policy. In environments like this, we continue to focus on companies with strong balance sheets, durable earnings, and disciplined leadership, which we believe are characteristics that may help businesses navigate changing trade regimes.
1 IEEPA – The International Emergency Economic Powers Act authorizes the president to regulate international commerce during a declared national emergency involving foreign threats.
2 Section 122 – Section 122 of the Trade Act of 1974 allows the president to impose temporary, across‑the‑board tariffs or quotas for up to 150 days to address balance‑of‑payments issues.
3 Section 301 – Section 301 of the Trade Act of 1974 empowers the U.S. to investigate and respond to unfair foreign trade practices, including by imposing targeted tariffs.
This material is for informational purposes only and should not be construed as investment advice. The views expressed are as of 2/26/26 and are subject to change.
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