Supreme Court rules IEEPA does not authorize Trump's tariffs
The Supreme Court held on February 20, 2026 that the International Emergency Economic Powers Act does not authorize the president to impose tariffs, in Learning Resources v. Trump (No. 24-1287), consolidated with V.O.S. Selections. The opinion does not set a refund process, and Apple has said it is pursuing refunds.
- Decided February 20, 2026; IEEPA does not authorize tariffs
- Learning Resources v. Trump (No. 24-1287), consolidated with V.O.S. Selections (No. 25-250)
- The opinion does not set a refund process
- Apple said on its April call that it is pursuing refunds
AAPL around the story · hourly24 h reaction ▼ 0.02%
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
Supreme Court of the United StatesFeb 20, 2026