Big Take Asia SCOTUS Strikes Down Trump’s Tariffs
Feb 20, 2026
Brendan Murray, Bloomberg global trade editor, breaks down market and policy fallout. Greg Stohr, Bloomberg Supreme Court reporter, explains the legal reasoning and next procedural moves. Rick Woldenberg, CEO of Learning Resources and lead plaintiff, recounts his company’s legal fight and supply-chain pain. They tackle the Court’s ruling, alternate tariff authorities, refund logistics and business uncertainty.
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Moment The Plaintiffs Realized They Won
- Rick Woldenberg learned of the Supreme Court win mid-conference call when his son announced it to him.
- He says they always knew the case would have a long tail and significant national impact.
IEEPA Does Not Authorize Tariffs
- The Supreme Court ruled the International Emergency Economic Powers Act does not authorize tariffs.
- That invalidates many of President Trump's tariffs imposed under that law.
Court Emphasizes Congressional Clarity
- The core legal dispute was whether 'regulate importation' includes tariff authority.
- The majority said Congress would have explicitly granted tariff power if it intended to do so.