Slate Money Permanent Temporary Tariff Regime
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Feb 28, 2026 They unpack the Supreme Court ruling that upended presidential tariff power and the messy fallout over refunds and new legal routes for tariffs. They walk through the surprise unraveling of the multi-billion sale of a major studio and how a late bidder flipped the script. They also dig into what sparked a private credit scare at a big asset manager and why it did not become a banking-style run.
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Supreme Court Ends Country Specific Tariffs
- The Supreme Court struck down Trump's IEPA country-specific tariffs, ruling that Congress, not the president, has that power.
- The decision removes country-by-country tariffs and forces the administration to seek other temporary authorities like Section 122.
Prepare For Refund Trading And Litigation
- Expect a long legal and market process over refunds; thousands of companies have sued seeking tariff refunds.
- Traders are already buying refund claims (roughly ~40¢ on the dollar) so consider litigation timing and counterparty risk.
Administration Shops For A New Tariff Law
- The administration immediately tried to re-impose tariffs using Section 122, which allows temporary rates up to 15% for balance-of-payments crises.
- Felix Salmon argues the U.S. is not in that crisis, so the legal basis is weak and politically fraught.