Big Take SCOTUS Strikes Down Trump’s Tariffs
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Feb 20, 2026 
Brendan Murray, Bloomberg global trade editor, explains market and policy fallout of the Supreme Court ruling. Greg Stohr, Bloomberg Supreme Court reporter, breaks down the legal reasoning that curbed presidential tariff powers. Rick Woldenberg, CEO of Learning Resources and lead plaintiff, recounts his company’s legal fight and supply-chain shifts. They discuss refunds, alternative authorities, and political and economic consequences.
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Toy CEO Learned Of Victory By Phone
- Rick Woldenberg learned about the Supreme Court win from his son during a conference call.
- He says Learning Resources always knew their case would have a long tail affecting the country's trajectory.
Court Limits Presidential Tariff Power
- The Supreme Court struck down many of President Trump's tariffs as unlawful because the IEPA doesn't authorize tariffs.
- Greg Stohr says the court drew a separation-of-powers line limiting presidential tariff authority.
Ruling Leaves Refunds To Lower Courts
- The ruling invalidates tariffs imposed under IEPA but leaves other authorities untouched.
- Greg Stohr notes refunds and other consequences were left to lower courts to resolve.