Money, Wealth & Power—A Daily Look at the Financial World
The Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act, but the justices stopped short of ordering the federal government to return the money it collected. That gap between ruling and remedy has set off a scramble among importers, lawmakers, and at least one Fortune 500 company to force billions of…
President Donald Trump signed a proclamation imposing a 10% ad valorem import surcharge effective February 24, 2026, after the Supreme Court moved to block his broader tariff program, according to contemporaneous reporting. The move, invoked under a rarely used trade statute, is designed to address what the administration calls fundamental international payments problems. But a…
U.S. Trade Representative Jamieson Greer said Republican lawmakers who once questioned the administration’s use of tariffs have “now come around” to supporting its trade agenda, after a Supreme Court ruling struck down the use of the International Emergency Economic Powers Act (IEEPA) for trade levies. Greer cast the decision as a legal setback rather than…
The U.S. Supreme Court struck down Donald Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act on February 20, 2026, declaring them illegal. Yet American importers who paid those duties for nearly a year are no closer to getting their money back. The ruling left the question of refunds entirely unresolved, and a…
The Supreme Court struck down most of President Trump’s tariffs on February 20, 2026, and within hours, American businesses began scrambling to recover billions of dollars in duties they had paid over the past year. The ruling invalidated tariffs imposed under the International Emergency Economic Powers Act (IEEPA), but it left one critical question unanswered:…
Home Depot and TJX Companies are set to report quarterly earnings that will test two competing forces shaping the retail sector: tariff-driven cost pressures on imported goods and tax-related financial benefits that could lift bottom-line results. The reports arrive as choppy U.S. housing demand and shifting trade policy create an uneven operating environment for retailers…
The Supreme Court struck down President Trump’s sweeping tariffs imposed under the International Emergency Economic Powers Act, or IEEPA, and the ruling has set off a corporate scramble for refunds on billions of dollars in collected duties. For collectors of luxury Swiss watches and other high-end imports that carried steep tariff surcharges, the decision could…
The U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the president to impose tariffs, striking down duties that President Donald Trump had levied on imports. The decision in Learning Resources, Inc. v. Trump (No. 24-1287) has triggered a scramble among thousands of American companies seeking to recover tariff payments,…
The Supreme Court’s decision in Learning Resources, Inc. v. Trump stripped the White House of one tariff tool, but President Trump responded within hours by announcing a 15 percent global tariff rate using alternative legal authorities. For Michigan, home to the densest concentration of auto manufacturing and parts suppliers in North America, the rapid policy…
Detroit’s biggest automakers asked the White House on February 20, 2026, to be exempted from a fresh round of trade penalties that threaten to add billions of dollars in costs to vehicles assembled with imported parts. The appeal, delivered while President Donald Trump was visiting Ford’s historic River Rouge Complex in Dearborn, Michigan, underscores mounting…