The Intelligence from The Economist When the levy brakes: Trump’s tariffs struck down
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Feb 23, 2026 
Jon Fasman, senior culture correspondent, on why Agatha Christie's plots and productivity stick. Aaron Connelly, Asia diplomatic editor, on One Nation’s surge and strains in Australia’s conservative coalition. Rachana Shanbhogue, business-affairs editor, on the Supreme Court striking down most of Trump’s tariffs and the messy fallout for trade, businesses and politics.
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Court Limits Presidential Tariff Power
- The Supreme Court struck down most of Trump's tariff program, ruling the use of the International Emergency Economic Powers Act was illegal.
- That decision forces the administration to rebuild tariffs using narrower authorities or Congress, creating legal and economic uncertainty.
Prepare For Temporary Tariff Regime
- The administration is using Section 122 of the Trade Act to impose a temporary 15% global tariff for 150 days as a stopgap.
- Businesses should prepare for further legal challenges and potential shifts to sector- or country-specific tariffs under sections 232 and 301.
Tariff Uncertainty Hurts Business Decisions
- Uncertainty from changing tariffs has already depressed hiring and investment and will continue to do so.
- Winners and losers will shift: some countries benefit while early bilateral-deal partners may now face higher or unclear tariffs.