In a widely anticipated decision, on February 20, 2026, the US Supreme Court ruled in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs. This decision invalidates substantial tariffs that President Trump imposed under the IEEPA in the first year of his second term, resetting the trade landscape. Following the Supreme Court’s announcement, the Trump Administration issued an executive order terminating the IEEPA tariffs,…