Supreme Court Overturns Trump Tariffs, Triggers Mixed U.S. Futures and Global Market Shifts
Updated (2 articles)
Court nullifies most Trump import taxes on Feb 23 2026 The U.S. Supreme Court struck down the bulk of President Donald Trump’s global tariff regime, ending the legal battle that began last year and removing the sweeping import duties that had driven market anxiety [1][2].
U.S. equity futures retreat despite earlier gains On Feb 23, S&P 500 futures slipped 0.8%, Dow Jones futures fell 0.7%, and Nasdaq futures dropped 1% after a brief rally on Feb 20, reflecting lingering uncertainty even as some investors had anticipated the ruling [1].
AP reports modest index gains on the same day Contrasting the futures data, the Associated Press noted that the S&P 500 closed up 0.7% at 6,909.51, the Dow added 230 points (0.5%) to 49,625.97, and the Nasdaq rose 0.9% to 22,886.07, suggesting that spot markets absorbed the decision more positively than futures traders [2].
Sector moves echo Akamai’s sharp decline and Ralph Lauren’s rebound Both outlets highlighted a 14.1% plunge in Akamai Technologies after a profit‑forecast miss, while Ralph Lauren gained 2.2% following a recovery from a prior loss; AP added that Comfort Systems jumped 6.5% on strong earnings [1][2].
International equities, crypto and policy outlook diverge Hindu reported Hang Seng up 2.2% to 26,980.22, Kospi down 0.1% to 5,809.53, and other Asian indices mixed, while Bitcoin slipped 5% below $65,000, its lowest since the October 6 record high; Rabobank analyst Benjamin Picton warned of “winners‑and‑losers” effects from tariff policy shifts and both sources noted market expectations of at least two Fed rate cuts this year [1].
Trump pledges new tariff tools despite court loss In an afternoon briefing, the president announced plans to issue a 10% global tariff for up to 150 days via executive order and to pursue additional tariffs through Commerce Department investigations, signaling continued protectionist intent [2].
Sources
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1.
The Hindu: Markets React to Supreme Court’s Reversal of Trump Tariffs – Details the court’s decision, futures retreat, Asian market splits, Bitcoin dip, commodity moves, and analyst warnings, emphasizing the nuanced global reaction on Feb 23 2026 .
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2.
AP: Wall Street steadies as Supreme Court overturns Trump tariffs – Focuses on modest index gains, sector winners and losers, Trump’s promise of new tariff tools, and bond‑yield stability, highlighting a calmer U.S. market response on Feb 20‑23 2026 .
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Timeline
Oct 6, 2025 – Bitcoin hits a record high of $126,210.50, a benchmark that later frames its 5% slide below $65,000 in early 2026 [2].
2025 – President Donald Trump announces sweeping global tariffs, triggering market turmoil that persists until the Supreme Court overturns them [1].
Feb 20, 2026 – The Supreme Court nullifies most of Trump’s tariffs, easing panic; the S&P 500 rises 0.7% to 6,909.51, the Dow adds 0.5% to 49,625.97, the Nasdaq climbs 0.9% to 22,886.07, 10‑year Treasury yields hold at 4.08%, and traders still bet on at least two Fed rate cuts this year [1].
Feb 20, 2026 – Brian Jacobsen, chief economic strategist at Annex Wealth Management, says investors anticipate the ruling, which limits market volatility [1].
Feb 20, 2026 – President Trump announces he will sign an executive order imposing a 10% global tariff for up to 150 days and will pursue additional tariffs through Commerce Department investigations [1].
Feb 20, 2026 – Sector moves diverge: Ralph Lauren rebounds 2.2%, Akamai Technologies plunges 14.1% on a weak profit outlook, and Comfort Systems jumps 6.5% after stronger‑than‑expected earnings [1].
Feb 23, 2026 – U.S. equity futures retreat after earlier modest gains, with S&P 500 futures down 0.8%, Dow futures down 0.7%, and Nasdaq futures down 1% [2].
Feb 23, 2026 – Bitcoin slides 5% below $65,000 as investors flee speculative assets, marking a steep decline from its Oct 6 record high [2].
Feb 23, 2026 – Asian equities show mixed reactions: Hong Kong’s Hang Seng up 2.2% to 26,980.22, South Korea’s Kospi down 0.1% to 5,809.53, Australia’s ASX 200 down 0.6% to 9,024.40, Taiwan’s Taiex up 0.5%, India’s Sensex up 0.4%, Bangkok’s SET up 1.1%; Japan and mainland China remain closed for holidays [2].
Feb 23, 2026 – Rabobank analyst Benjamin Picton warns that tariff‑policy shifts create winners and losers and that U.S. tariff policy will continue to generate market uncertainty [2].
Feb 23, 2026 – Commodities shift: benchmark crude oil falls 77 cents to $65.71, Brent to $70.56; the dollar weakens to 154.40 yen, the euro rises to $1.1820; gold climbs 1.9% and silver 5.4%; Akamai plunges 14.1% after a profit‑forecast miss [2].
2026 (expected) – Market participants expect the Federal Reserve to deliver at least two interest‑rate cuts during the year, reflecting continued optimism about inflation easing [1][2].