Supreme Court Shakes Up Tariff Rules

On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs. The ruling invalidates the recent “reciprocal” (global baseline) tariffs and the fentanyl‑related country measures adopted under IEEPA. Other tariffs based on different statutes, such as Section 232 (e.g., steel/aluminum) and Section 301 (e.g., China measures), were not at issue and remain in effect.... By: Seyfarth Shaw LLP