The U.S. Supreme Court struck down President Trump’s IEEPA tariffs in a 6-3 ruling on February 20, 2026, in Learning Resources, Inc. v. Trump, finding that the International Emergency Economic Powers Act does not authorize the president to impose import tariffs. Within hours, Trump pivoted to Section 122 of the Trade Act of 1974, imposing an initial 10% global tariff raised to 15% within a day, valid for up to 150 days without Congressional approval. Bitcoin surged roughly 1.7% to between $67,769 and $68,000 following the court ruling, only to give back all gains when the new tariffs were announced. The administration now has approximately five months to convince Congress to codify its trade agenda or find another legal mechanism. Investors should closely monitor Congressional appetite for extending the Section 122 tariffs and potential retaliatory measures from international trading partners.
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