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2026-02-21 04:57:01
On February 20, the U.S. Supreme Court ruled 6-3 to overturn most of the tariffs imposed by President Trump last year, arguing that his use of the emergency declaration to impose tariffs was "overreaching." The court also left the decision to lower courts to determine whether and how the government should refund the approximately $170 billion in tariffs already collected. Trump responded vehemently, calling the ruling "deeply disappointing" and denouncing the majority justices as "fools and lapdogs" of foreign interests and Washington insiders. He vowed to push forward with alternatives and announced a 10% global tariff. Following Trump's briefing, the stock market maintained its upward trend, while concerns that refunds could exacerbate the fiscal deficit led to a decline in U.S. Treasury bonds and the dollar.
