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What SCOTUS decision means for tariffs
The Supreme Court has struck down President Trump's major tariffs policies, which are a huge piece of his economic agenda. We'll discuss what it all means with Cayce Myers.
NEW YORK - The U.S. stock market began to slowly edge upward following the Supreme Court’s decision to strike down President Donald Trump’s sweeping tariffs on Friday.
The S&P 500 rose 0.3%. It had been flipping between small gains and losses earlier in the morning following discouraging reports showing slowing growth for the U.S. economy and faster inflation.
The Dow Jones Industrial Average was up 116 points, or 0.2%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 0.5% higher.
The impacts of SCOTUS striking down Trump’s sweeping tariffs have yet to show significant impacts on the stock market.
What they're saying:
Many on Wall Street were likely expecting such a ruling from the Supreme Court, according to Brian Jacobsen, chief economic strategist at Annex Wealth Management.
That likely led to markets' relatively calm reactions.
But Jacobsen also said that he expects Trump's White House to shift to tariffs that target specific countries or industries, rather than the sweeping ones that the Supreme Court struck down.
"This will give some short-lived relief as it just delays the inevitable of tariffs from a different authority," he said.
FILE - A trader works at the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, on Feb. 20, 2026. (Photo by TIMOTHY A. CLARY / AFP via Getty Images)
The tariffs decision doesn’t stop Trump from imposing duties under other laws. While those have more limitations on the speed and severity of Trump’s actions, top administration officials have said they expect to keep the tariff framework in place under other authorities.
Dig deeper:
Trump has argued that his steep new import taxes are necessary to bring back wealth that was "stolen" from the U.S. He said they would narrow America’s decades-old trade deficit and bring manufacturing back to the country.
The economic impact of Trump's tariffs has been estimated at some $3 trillion over the next decade, according to the Congressional Budget Office.
The Treasury has collected more than $133 billion from the import taxes the president has imposed under the emergency powers law, federal data from December shows.
Refunds for companies
Many companies, including the big-box warehouse chain Costco, had already lined up in court to demand refunds long before the SCOTUS decision.
Companies such as Revlon and Goodyear, as well as Costco, filed lawsuits in the U.S. Court of International Trade, seeking refunds of an estimated $150 billion for tariffs they paid, according to a USA Today report.
The Trump administration previously stated refunds would be issued, even without the lawsuits, but it could take time.
Treasury Secretary Scott Bessent told Reuters in January that refunds could take over a year.
The Treasury had about $774 billion on hand as of January to cover refunds.
"We're not talking about the money all goes out in a day. Probably over weeks, months, may take over a year, right?" Bessent told Reuters.
The Source: Information for this article was taken from reporting by The Associated Press and LiveNOW from FOX. Previous reporting by Reuters and USA Today also contributed.