CNBC Business News Update Market Close: Stocks Higher, Saturday Update: Trump Ups "Legally Tested" Tariffs, Supreme Court Rules The Trump Tariffs Are Illegal, President Trump Announces News 10% Global Tariffs 2/20/26
Feb 20, 2026
Markets climb after a landmark Supreme Court tariff ruling and big tech leads the gains. Discussion of retailers hitting record highs and the headache of seeking tariff refunds. Coverage of a newly announced temporary 10% global tariff and legal pushback over unlawful levies. Brief look at weak Q4 GDP, rising inflation, and major earnings and tech events to watch next.
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Supreme Court Ruling Boosted Stocks
- The Supreme Court ruled President Trump's emergency reciprocal tariffs illegal, lifting some pressure from retailers and markets.
- Stocks rallied Friday as retailers and other companies hit fresh highs on the decision.
Prepare For Legal And Policy Uncertainty
- Expect legal uncertainty and possible prolonged court battles over refunds after the ruling.
- Prepare for temporary policy moves like the announced 10% global tariff that last 150 days unless Congress extends them.
Retailers' Reaction: Happy Hour To Headache
- Stacey Whitlitz described retailers' shift from relief to renewed concern when President Trump announced the new tariff plan.
- She said CFOs and legal teams face a huge headache figuring out refunds and compliance.