Photographer: Alessia Pierdomenico/Bloomberg The US economy has borne most of the burden of tariffs imposed by President Donald Trump, according to European Central Bank Governing Council member Fabio Panetta. Photographer: Alessia Pierdomenico/Bloomberg “Foreign exporters seem to have shouldered a portion of it, estimated at around 10%,” he said Saturday in Venice. “Initially, the impact was absorbed by US firms’ profit margins, and was then partially passed on to consumers, who now bear about half of ...

Nothing says “Friday afternoon in Washington” quite like a constitutional crisis followed by a spontaneous tax on every single thing you own. On February 20, 2026, the U.S. Supreme Court decided to remind the executive branch that the International Emergency Economic Powers Act (IEEPA) isn’t actually a “do whatever you want” card. In a 6-3 ruling that left the White House fuming and trade lawyers salivating, the Court struck down President Donald Trump’s sweeping reciprocal tariffs as unlawful. Naturally, t ...

Core Viewpoint - The Supreme Court's ruling on tariffs is seen as a setback for the U.S. government, particularly affecting President Trump's ability to impose tariffs as a tool for foreign policy and national security [1][10]. Group 1: Tariff Implementation - President Trump announced the imposition of a 10% global tariff under section 122, in addition to existing tariffs, to combat unfair trading practices [2][6]. - The ruling allows the president to maintain trade embargos against entire nations, indicating that while tariffs are limited, other forms of trade restrictions remain available [3][10]. Group 2: Impact on National Security - The removal of certain tariff powers is viewed as detrimental to national security, particularly in light of previous successful tariffs that led to a decline in fentanyl deaths [8][12]. - The Supreme Court's decision is perceived as diminishing the president's leverage in negotiations, although it still allows for full embargoes [10][11]. Group 3: Political Implications - The ruling has sparked discussions about the balance of power between the presidency and Congress regarding trade policies, with some suggesting it may affect future judicial appointments and political strategies [5][6]. - The ongoing debate highlights the importance of tariffs in protecting U.S. jobs and industries, as emphasized by various political figures [7].

Core Viewpoint - The Supreme Court's decision to invalidate the Trump administration's tariffs represents a significant legal change rather than a shift in policy according to Wells Fargo [1] Group 1: Economic Indicators - Commentary on GDP trends indicates ongoing economic fluctuations that may impact investment strategies [1] - Insights into AI spending suggest a growing trend in technology investments, which could present new opportunities for investors [1] Group 2: Federal Reserve Policy - Analysis of Federal Reserve policy highlights potential implications for interest rates and market liquidity, affecting overall investment climate [1] Group 3: Investment Holdings - Berkshire Hathaway's holdings are under review, with potential implications for market movements and investment strategies [1]

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Economic Growth - GDP growth for Q4 was unexpectedly weak at 1.4% annual rate, down from 4.4% in Q3 and 3.8% in Q2, indicating a significant slowdown [1] - Private domestic final sales, a core component of GDP, were at 2.4%, which was lower than anticipated [1][2] Investment and Consumption - Despite the weak GDP, there are signs of strong economic activity with rising production and manufacturing, suggesting a potential for a 4% economy [3][4] - Business capital expenditure (capex) and durable goods orders are increasing, which is promising for future productivity [4][5] Employment Concerns - There are worries about the disconnect between economic growth and employment, with the unemployment rate currently at 4.3% [5][6] Market and Regulatory Environment - The stock market remains strong, and corporate profits are robust, indicating positive economic conditions for the future [6] - Recent Supreme Court rulings have introduced uncertainty regarding tariffs and refunds, which may impact individual companies differently [7][9][12] Trade Policy - The current administration's trade policies, including tariffs, are expected to remain in place, with a focus on reciprocity in trade agreements [10][14] - American businesses are noted for their agility and adaptability in response to changing trade landscapes [13]

Core Insights - The Supreme Court's ruling against President Trump's tariffs has prompted him to announce a new global 10% tariff on all countries, utilizing different legal mechanisms [1][2][4] - The new tariff will be implemented under Section 122 of the Trade Expansion Act, allowing tariffs to address trade imbalances for up to 150 days, and Section 301 investigations will be initiated against several countries for unfair trade practices [3][7] - The ruling has resulted in a decrease in the effective tariff rate for Americans, dropping from 16% to 13%, with Trump indicating intentions to raise tariffs back to previous levels or higher [6][7] Economic Implications - The introduction of new tariffs adds uncertainty to an already unpredictable trade policy environment, highlighting the limitations of Trump's remaining tariff powers following the Supreme Court's decision [4][5] - Investigations under Section 301 may take months to complete, contrasting with Trump's previous rapid tariff announcements and adjustments, which were often communicated via social media [5] - Economists have noted that while the administration can reimpose tariffs, the immediate power to do so is not as broad as it was under the International Emergency Economic Powers Act (IEEPA) [5]

Core Viewpoint - The Supreme Court's ruling to invalidate the president's key trade policy will lead to increased uncertainty and contribute to the government's debt [1] Group 1 - The decision is expected to have significant implications for trade relations and economic stability [1] - The ruling may affect various industries reliant on the trade policy, potentially leading to disruptions [1] - Increased government debt could result from the economic fallout of the decision, impacting fiscal policies [1]

So, we've got some more breaking news. So, Treasury Secretary Scott Bessett is down at the Dallas Economic Forum right now and he's speaking and that's where these headlines are coming out. This, of course, has, as you can imagine, dominated the conversation at the forum.As I mentioned with EJ Anton, the Treasury Secretary saying uh that basically uh you use the section 122 authority that is from the trade act of 1974. He said you combine that with parts of the of section 232 and section 301 uh and that the ...

All right, folks. Trump's reciprocity tariffs are going to continue anyway. And that's the subject of the riff.If you think tariffs came to an end with today's Supreme Court decision, think again. If you think President Trump's whole reciprocal trade policy came to an end, think again. Now, if you think Justice Brett Kavanaaugh's descent was a great idea, well put, you hit the nail on the head.Of course, I'm not a lawyer, but it just seems to me if the International Emergency Economic Powers Act of 1977, ni ...