In partnership with
Happy Monday!
Hello, Curse and Coffee friends,
Today, we look at the Supreme Court’s suckerpunch to Trump's tariffs.
Hit reply and let us know what you think (we read all of your kind words).
Coffee at the ready…
The Big Sip
Donald Trump
The take: The Supreme Court just handed Trump his biggest legal defeat. He shrugged, grabbed a dusty statute, and rebuilt the tariff wall before dinner.
What happened: The Court ruled 6–3 on 20 February that Trump's IEEPA tariffs exceeded presidential authority.
What he did next: Trump invoked Section 122 of the Trade Act of 1974 within hours — 10% that evening, 15% by Saturday morning. Markets rallied on the ruling. The Nasdaq led gains.
Why it matters: Section 122 caps tariffs at 15% for 150 days. No president has ever used it. The legal ground is untested.
What to watch: The 15% tariff kicks in on 24 February; trade economists already say Section 122's legal basis doesn't hold either, because the US doesn't have a balance-of-payments crisis.
Constitutional law scholars spent a year on this case. Trump spent an afternoon on Plan B.
Analyst Receipt
[Analysis] Norton Rose Fulbright, 20 February 2026
Background: Norton Rose's global trade team published a same-day legal breakdown of refund mechanics after the IEEPA ruling. They advise importers across 50+ jurisdictions.
Key finding: The court order covers every importer in the country — not just the companies that sued. Under US law, any tariff collected without proper authority is money the government has to give back. That means every business that paid IEEPA duties has a potential claim, whether or not it joined the lawsuit.
Why this matters now: Trump suggested refunds would need to be "litigated for two years." The legal structure says otherwise. Importers have 180 days from the date their shipments are processed to file for refunds with US Customs. For the earliest IEEPA shipments from February 2025, that window is already closing.
Sponsor Break
Before we slurp into today’s brew…
Here are some wordies from today’s sponsor.
What Will Your Retirement Look Like?
Planning for retirement raises many questions. Have you considered how much it will cost, and how you’ll generate the income you’ll need to pay for it? For many, these questions can feel overwhelming, but answering them is a crucial step forward for a comfortable future.
Start by understanding your goals, estimating your expenses and identifying potential income streams. The Definitive Guide to Retirement Income can help you navigate these essential questions. If you have $1,000,000 or more saved for retirement, download your free guide today to learn how to build a clear and effective retirement income plan. Discover ways to align your portfolio with your long-term goals, so you can reach the future you deserve.