The U.S. Supreme Court’s 6-3 decision striking down President Donald Trump’s emergency tariff regime under the International Emergency Economic Powers Act (IEEPA) reshapes the boundaries of executive trade authority - but it does not eliminate tariff tools altogether.

The U.S. Supreme Court delivered a major blow to President Donald Trump’s trade policy on February 20, 2026, ruling 6-3 that his global tariffs imposed under the International Emergency Economic Powers Act of 1977 were unlawful.

The U.S. Supreme Court is poised to address one of the most consequential trade policy disputes in years, with markets closely watching as justices resume issuing opinions following a four-week recess.

The U.S. economy lost momentum at the end of 2025, with real gross domestic product rising at an annualized rate of 1.4% in the fourth quarter, according to the advance estimate from the U.S. Bureau of Economic Analysis.

The Federal Reserve’s preferred inflation gauge accelerated at the end of 2025, as fresh data from the U.S. Bureau of Economic Analysis showed both headline and core prices rising at a faster monthly pace in December.

Negotiated wages across the euro area picked up pace at the end of 2025, reinforcing the European Central Bank’s cautious approach to monetary policy.