EPISODE · Feb 23, 2026 · 10 MIN
The Investment Implications of the Tariff Decision
from Notes on the Week Ahead · host Dr. David Kelly
On Friday, the Supreme Court released a long-awaited decision, ruling that the President’s imposition of tariffs, using the 1977 International Emergency Economic Powers Act, otherwise known as IEEPA, was illegal. The President held a press conference that afternoon and issued a proclamation announcing a general 10% tariff on imported goods, using a different statute and promised to invoke a third set of statutes to replace the overturned tariffs on a more permanent basis. On Saturday, he announced that the 10% tariff rate was being raised to 15%.
What this episode covers
On Friday, the Supreme Court released a long-awaited decision, ruling that the President’s imposition of tariffs, using the 1977 International Emergency Economic Powers Act, otherwise known as IEEPA, was illegal. The President held a press conference that afternoon and issued a proclamation announcing a general 10% tariff on imported goods, using a different statute and promised to invoke a third set of statutes to replace the overturned tariffs on a more permanent basis. On Saturday, he announced that the 10% tariff rate was being raised to 15%.
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The Investment Implications of the Tariff Decision
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