02-20-2026 - Tariffs Overturned, War Drums on Iran, & Trump's Agenda Tested

In a 6–3 ruling, the U.S. Supreme Court struck down President Donald Trump’s sweeping “Liberation Day” tariffs under the International Emergency Economic Powers Act (IEEPA), with Chief Justice John Roberts writing that the law was not meant for broad trade policy, leaving up to $200 billion in tariffs and major refund questions unresolved. Trump denounced the decision and quickly announced a new 10% global tariff under Section 122 of the 1974 Trade Act, while signaling he may turn to Section 301 as a fallback, setting up a potential congressional battle near the midterms. At the same time, U.S.–Iran tensions intensified as Trump weighed limited military strikes to push Tehran toward a nuclear deal, prompting bipartisan war powers concerns and raising the risk of wider regional conflict.