FT News Briefing The fallout of Trump’s tariff setback at the Supreme Court
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Feb 23, 2026 
Josh Franklin, U.S. Banking Editor covering JPMorgan’s strategy and Dimon’s $2bn-a-week plan. Miles McCormick, U.S. economics correspondent on tariff revenue, refunds and voter-facing affordability. Peter Foster, World Trade Editor on global trade policy and implications for deals. They discuss the Supreme Court ruling’s fallout for tariffs, who pays, refund fights and international ripple effects.
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Court Forces Tariff Reset
- The Supreme Court struck down Trump's use of emergency powers for many tariffs, forcing a replacement 15% global rate.
- That change narrows previous country-specific levies and reshuffles who benefits and who loses in global trade.
Key Tariffs Still Standing
- Many major tariffs on autos, steel, aluminium and chips remain because they were imposed under other laws.
- Countries reliant on those exports, like the EU, Japan and South Korea, stay more exposed than others in Asia.
15% Rate Narrows Trade Gaps
- The new 15% blanket rate lowers some previous country-specific rates that had reached 18–20% after deals.
- That narrowing may reduce incentives for trade diversion into the U.S. from lower-tariff jurisdictions.