The Supreme Court just delivered a major blow to President Trump's economic agenda: in a 6-3 ruling on February 20, 2026, the justices struck down his sweeping tariffs imposed under the International Emergency Economic Powers Act (IEEPA), declaring that Trump exceeded his authority.

In this breaking reaction, Michael Knowles breaks down the decision—Chief Justice Roberts' majority opinion, the dissent from Thomas, Alito, and Kavanaugh, impacts on trade with Canada, Mexico, China, the EU, and more, potential importer refunds, and what this means for Trump's protectionist plans.

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