US top court scraps Trump tariffs, copper jumps and dollar slides - Feb 20, 2026

As of February 20, today’s news is dominated by the economic and geopolitical ripple effects of a U.S. Supreme Court ruling that reshapes the outlook for tariffs and global trade. The U.S. Supreme Court struck down Donald Trump's tariffs, asserting that he exceeded his authority under the International Emergency Economic Powers Act. This decision has substantial implications for global trade, leading to a boost in U.S. stock indexes and a decline in the value of the dollar. The ruling also prompted a rise in prices for copper and aluminum, reflecting a reduction in risks to global trade flows, although some tariffs remain intact. The ruling has prompted businesses to consider pursuing refunds for over 175 billion dollars in tariffs previously collected, indicating a significant shift in the trade landscape. Meanwhile, French utility EDF expects profit to decline again this year as low electricity prices erode income, adding pressure to the state-owned group ahead of major investment in its nuclear reactor fleet. Turning to market updates, Anglo American has reported a significant $3.7 billion loss primarily due to further write-downs on its De Beers diamond unit. This follows a reporting period that has highlighted the mixed fortunes of London-listed mining companies, with some like Antofagasta benefiting from soaring copper prices while others struggle under weaker demand for iron ore and coal. From the international front, Japan's Prime Minister Sanae Takaichi has called attention to perceived threats from China, promising a comprehensive review of the country’s defense strategy. Takaichi aims to bolster Japan's military capabilities and critical supply chains as tensions escalate in the region, particularly over Taiwan.