专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 在最高法院推翻了美国总统特朗普去年实施的大部分关税政策后，特朗普表示，他将签署一项命令，征 收10%的全球基准关税，此外还将启动一系列调查，为征收更多进口关税做准备。 "最高法院并没有废除关税，他们只是驳回动用《国际紧急经济权力法》（IEEPA）征收关税，"特朗普 在白宫告诉记者。"现在我将转向一个不同的方向，这可能是我一开始就该采取的方向。" 特朗普表示，他将根据《1974年贸易法》第122条征收基准关税，该条款赋予总统单方面征收关税的能 力。但这一法条限制了潜在的关税征收范围，且规定关税持续时间不得超过150天。特朗普预计，10% 的新基准税率将在三天后正式生效。 特朗普还表示，将根据"第301条"和"第232条"启动新的进口调查。他建议，这些调查可以在10%的基准 关税实施期间进行，并最终取代前者，不过他拒绝排除寻求延长（或重新引用）"第122条"征税的可能 性。特朗普表示，他在考虑对外国汽车征收15%到30%不等的关税。 在特朗普宣布10%征税计划后，债券收益率收窄早前涨幅，美股扩大涨势。 特朗普 特朗普在开场白中对最高法院发起猛烈抨击 ...

华尔街股市飙升，但无需太过乐观 周五，特朗普的失败导致华尔街价格飙升。道琼斯标准值指数随后上涨，上涨了0.6%，至49,712点。标 准普尔500指数上涨了0.7%，达到6909，纳斯达克技术交易所的指数上升了0.9%，达到22880。汽车、 家具以及鞋类和玩具制造商的股票表现明显。 ING首席经济学家Carsten Brzeski说，"这个判决显然就是打脸特朗普。然而，美国贸易伙伴不要指望美 国政府会突然然改变贸易政策。" 美国最高法院推翻了特朗普总统基于国家紧急情况而推行的关税政策。周五，法官们以6：3的多数票确 认了下级法院的裁决，总统越界使用1977年的这项法律。 大多数法官认定，宪法"明确"授予国会征税的权力，包括关税。最高法院大法官John Roberts 在判决中 写道，行政部门，即总统，没有税收主权。 这一诉讼是由受关税影响的公司和美国12个州发起。最高 法院通过其裁决推翻了特朗普经济政策的核心要素。经济学家估计，根据这项法律征收的超过1750亿美 元的关税现在可能需要偿还。 美国宪法赋予国会，而不是总统，征税的权力。然而，特朗普援引《国际紧急经济权力法》（IEEPA） 在未经国会同意的情况下 ...

E-commerce stocks that were exposed to President Donald Trump's far-reaching global tariffs rallied Friday, after the Supreme Court struck down a key pillar of the president's economic agenda.In a 6-3 ruling, the court said Trump does not have the legal authority to impose tariffs under the International Economic Powers Act, the method by which many of the levies were invoked. IEEPA does not explicitly mention tariffs. The decision sent Amazon's stock up more than 1%, while Etsy climbed 5%. Shares of Shopif ...

在美国最高法院裁定特朗普不能利用1977年的《国际紧急经济权力法》（IEEPA）征收进口税后，他可 以依靠其他替代性法规来尝试重建"关税墙"。 特朗普引用该法来证明其针对美国贸易伙伴广泛征收"对等"关税，对中国、加拿大和墨西哥单独征税是 合理的，但最高法院认为这超越了他的职权范围。 该裁决使特朗普在第二任期内推出的很大一部分关税失效，但他仍有其他方式可以引入进口税。虽然宪 法赋予国会征税和收税的权力，但立法者已过多项法规将部分权力授予行政部门。 除了IEEPA外， 特朗普还有哪些选择？ 他至少有五个备选方案可以以不同的方式征收关税。总的来说，这些替代方案带有更多的限制和程序性 约束，意味着特朗普立即征收关税并随心所欲设定税率的余地较小。 | | Trump's Statutory Authority to Impose Tariffs | | | | | --- | --- | --- | --- | --- | | | | The Supreme Court said that the International Emergency Economic Powers Act | | | | | cannot ...

Key Takeaways Get personalized, AI-powered answers built on 27+ years of trusted expertise. President Donald Trump's signature economic policy was illegal. The ruling imposes new restraints on Trump's ability to slap tariffs on countries at the drop of a hat "Against that backdrop of clear and limited delegations, the Government reads IEEPA to give the President power to unilaterally impose unbounded tariffs and change them at will," Chief Justice John Roberts wrote in the majority opinion. "That view would ...

Core Viewpoint - The U.S. Supreme Court's decision to overturn President Trump's global tariff measures has led to a rise in the stock market, while bonds and the dollar have declined, prompting investors to assess the implications for U.S. trade policy [1][6]. Economic Impact - Over 300 stocks in the S&P 500 index rose, contributing to an expanded weekly gain for the index following the Supreme Court ruling [1][6]. - The ruling stated that Trump's use of federal emergency powers to implement "reciprocal" tariffs and targeted import taxes to combat fentanyl trafficking exceeded his authority [1][6]. Future Trade Policy - Brian Jacobsen from Annex Wealth Management indicated that the Trump administration will likely shift to tariffs targeting specific countries and industries, which will take longer to implement [3][8]. - Jacobsen also noted that while Trump could issue temporary comprehensive tariffs, their amounts and duration would be more limited, allowing time to complete necessary procedural steps [3][8]. - Steve Chiavarone from Federated Hermes mentioned that the ruling does not clarify the future path, which will be a key focus for the market, raising questions about potential tax refunds and the President's next steps [3][8]. Economic Data - Adjusted for inflation, the annualized GDP growth for the fourth quarter was 1.4%, down from 4.4% in the previous quarter, with a projected growth of 2.2% for the entire year of 2025 [3][8]. - The core PCE price index, favored by the Federal Reserve, increased by 0.4% month-over-month in December, marking the largest rise in nearly a year, with a year-over-year increase of 3% [3][8]. Monetary Policy Outlook - Art Hogan from B. Riley Wealth stated that the recent economic data sends "mixed signals," with inflation higher than expected and growth lower than anticipated [3][8]. - These confusing signals reinforce the Federal Reserve's current inclination to maintain a patient stance on monetary policy [4][9].

央视记者当地时间2月20日获悉，美国总统特朗普表示，美最高法院作出关税政策违法的裁决"可耻"。 知情人士称，在当天白宫举行的州长早餐会期间，特朗普表示，他已考虑好备选方案，以应对法院裁决 带来的影响。 目前，白宫尚未公布具体替代措施细节。此前，政府官员曾表示，如果关税政策被判违法，将考虑通过 其他贸易法律恢复相关关税。 当天稍早，美国最高法院裁定，特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施缺 乏明确法律授权。 来源：央视新闻 ...

知情人士称，在当天白宫举行的州长早餐会期间，特朗普表示，他已考虑好备选方案，以应对法院裁决 带来的影响。 目前，白宫尚未公布具体替代措施细节。此前，政府官员曾表示，如果关税政策被判违法，将考虑通过 其他贸易法律恢复相关关税。 央视记者当地时间2月20日获悉，美国总统特朗普表示，美最高法院作出关税政策违法的裁决"可耻"。 当天稍早，美国最高法院裁定，特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施缺 乏明确法律授权。 （文章来源：央视新闻） ...

Market Performance - On February 20, US stock indices opened lower but quickly rebounded, with the Dow Jones up 0.23%, Nasdaq up 0.93%, and S&P 500 up 0.54% at the time of reporting [1]. Technology Sector - Major tech stocks showed mixed performance, with Google rising by 3.5% following the release of its latest foundational model, Gemini 3.1 Pro, which has doubled its reasoning performance compared to the previous version released in November [3]. Legal and Regulatory Developments - The US Supreme Court ruled against the Trump administration's large-scale tariff measures, stating they lacked clear legal authority under the International Emergency Economic Powers Act [6][7]. - The court's decision, which was passed with a 6-3 vote, indicated that the tariffs imposed to combat fentanyl smuggling exceeded the administration's authority [7]. - The estimated tariffs collected under this act exceeded $175 billion, and the ruling raises the possibility of refunds to importers, with a 66% probability of a court order for refunds by July 2026 [7]. Economic Outlook - The US Bureau of Economic Analysis reported that the GDP growth for 2025 is projected at 2.2%, down from 2.8% in 2024, with the overall price index expected to rise by 2.6% [8]. - The core Personal Consumption Expenditures (PCE) price index is anticipated to increase by 2.8%, slightly lower than the previous year's 2.9% [8]. - Preliminary estimates suggest that the GDP growth for Q4 2025 will be 1.4%, significantly lower than the 4.4% growth in Q3, primarily driven by increased consumer spending and investment, while government spending and exports declined [8].

"要警惕即使特朗普政府输掉最高法院的官司，他们也可能会通过其他法规重新征收关税。" 据新华社快讯，美国最高法院20日公布裁决，认定特朗普政府援引《国际紧急经济权力法》实施的大规 模关税政策违法。 第一财经记者看到了美国最高法院在周五发布的裁决文件。在其中美国最高法院表示："我们今天的任 务仅仅是裁定，根据IEEPA授予总统的'监管……进口'权力是否包含征收关税的权力。答案是否定的。" 此案由一些美国企业团体提起，并有12个州加入，他们声称关税损害了他们的利益。特朗普政府在去年 4月曾宣布了所谓的"对等关税"，引发了金融市场数周动荡，并令美国盟友感到担忧。 此前市场曾怀疑美国最高法院一直"爽约"判决，越拖其判决结果恐怕越对特朗普政府有利。但英国杜伦 大学法学院副院长、跨国法教授兼全球政策研究所联合主任杜明近期则对第一财经记者表示，法律规定 留下的'扯皮'空间不大，法院可以晚出判决，但特朗普政府基本是输。 他并对记者表示，不过要警惕即使特朗普政府输掉最高法院的官司，他们也可能会通过其他法规重新征 收关税。 最高法院裁定特朗普政府关税违法 根据最高法院的裁决，特朗普在2025年利用IEEPA对美国大多数贸易伙伴征收 ...