Squawk on the Street SOTS 2nd Hour: SCOTUS Tariffs decision - Analysis, Movers, Market Impact & What Comes Next 2/20/26
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Feb 20, 2026 
Jamil Jaffer, legal expert and founder of the National Security Institute, offers concise legal analysis of the Supreme Court ruling and refund questions. Torsten Slok, Apollo’s chief economist, breaks down macro effects on inflation and Fed timing. Eamon Javers, Washington reporter, gives on-the-ground coverage of the decision and political fallout. They discuss the ruling’s market movers, refunds, geopolitical angles, and sector-specific impacts.
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IEPA Does Not Grant Broad Tariff Power
- The Supreme Court ruled 6-3 that IEPA does not authorize unilateral presidential tariffs.
- The majority said 'regulate' in the statute cannot be stretched to mean taxing imports without explicit congressional authorization.
Expect Tariff Reimplementation Under Other Statutes
- The administration likely will retool tariffs under other statutes like Section 301 or 232.
- Expect longer processes and investigations if they try to reimplement tariffs via those authorities.
Big Dollar Question On Refunds
- About $133.5 billion was collected under IEPA through Dec. 14, per estimates cited on the show.
- The ruling raises major legal and fiscal questions about refunds and who ultimately bears the cost.