Timeline
February 23, 2026 — February 23, 2026
World
Timeline: How the Supreme Court Tariff Ruling Upended Trump's Trade Policy in 24 Hours
In February 2026, the U.S. Supreme Court struck down President Trump's emergency tariffs imposed under the International Emergency Economic Powers Act, ruling he lacked constitutional authority. Within hours, Trump responded by invoking different legal powers to impose new 15% global tariffs, creating chaos for international trade deals and sending shockwaves through global markets.
12 events · 1 days · 30 source articles
Sat, Feb 21, 2026
Major
Supreme Court Strikes Down Trump's Emergency Tariffs
The U.S. Supreme Court ruled that President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose sweeping 'reciprocal' tariffs was unconstitutional, finding he lacked authority under the 1977 law. The ruling invalidated tariffs that had been in place since Trump's 'Liberation Day' proclamation in April 2025, gutting the legal foundation for much of his tariff regime.
Sat, Feb 21, 2026
Major
Trump Responds With New 15% Global Tariff Under Different Authority
Within hours of the Supreme Court ruling, President Trump invoked Section 122 of the 1974 Trade Act to impose a blanket 15% tariff on all U.S. imports—the maximum permitted under that statute. This alternative legal approach allows the president to act unilaterally for up to 150 days without congressional approval, representing a swift pivot to maintain tariff pressure.
Mon, Feb 23, 2026
Moderate
Asian Markets Rally as Countries Emerge as Initial Winners
Countries previously hit hardest by Trump's tariffs, particularly China and India, emerged as immediate winners from the Supreme Court decision. Chinese stocks in Hong Kong jumped as traders anticipated lower duties on shipments to the U.S., while copper and other commodities advanced amid dollar weakness driven by tariff policy uncertainty.
Mon, Feb 23, 2026
Moderate
China Calls for U.S. to Cancel All Tariffs
China's commerce ministry urged the United States to cancel unilateral tariff measures on trading partners, stating 'there are no winners in a trade war and that protectionism leads nowhere.' The statement came as China sought to capitalize on the legal uncertainty created by the Supreme Court ruling and Trump's subsequent response.
Mon, Feb 23, 2026
Major
Asian Trading Partners Left Uncertain About Existing Deals
The Supreme Court ruling left Asian countries including Taiwan, India, Japan, and South Korea scrambling for clarity on whether trade deals negotiated over the past 12 months remain valid. Officials questioned whether tariff exemptions negotiated under the old legal framework would survive under Trump's new statutory authority, creating widespread confusion about the durability of existing agreements.
Mon, Feb 23, 2026
Moderate
Global Markets React With Dollar Weakness and Gold Surge
Financial markets experienced significant volatility as the dollar slid and gold jumped above $5,000 per ounce amid renewed uncertainty over U.S. trade policy. Analysts warned that the policy uncertainty would weigh heavily on confidence in the dollar, while copper remained well-supported despite the confusion.
Mon, Feb 23, 2026
Moderate
Trump Administration Insists Existing Trade Deals Remain Valid
U.S. Trade Representative Jamieson Greer stated on CBS's Face the Nation that trade agreements with China, the EU, Japan, and South Korea remain in place despite the legal turmoil. However, the UK faced the prospect of the largest tariff increase, rising from 10% under the old reciprocal system to 15% under the new global levy.
Mon, Feb 23, 2026
Major
EU Moves to Freeze U.S. Trade Deal Ratification
The European Union announced it would halt the ratification process of its trade deal with the U.S., demanding legal clarity on what the Supreme Court ruling and Trump's new tariffs mean for the agreement. The EU insisted 'a deal is a deal' and would not accept tariff increases beyond what was negotiated in the July 2025 pact that set duties at 15%.
Mon, Feb 23, 2026
Moderate
EU Trade Chief Holds Emergency G7 Meeting
EU Trade Commissioner Maroš Šefčovič met with G7 trade ministers in high-stakes discussions after Trump's tariff announcements threw transatlantic trade relationships into renewed uncertainty. Brussels demanded full clarity on what the developments mean for the EU-U.S. trade framework before proceeding with ratification.
Mon, Feb 23, 2026
Moderate
Trump Administration Halts Collection of Illegal Tariffs
U.S. Customs and Border Protection announced it would stop collections on the tariffs imposed through IEEPA that were deemed illegal by the Supreme Court. The move provided temporary relief to importers while the new 15% global tariff regime was being implemented, creating a transitional period of regulatory uncertainty.
Mon, Feb 23, 2026
Major
European Parliament Formally Suspends EU-U.S. Trade Agreement
European Parliament negotiators formally suspended the EU-U.S. trade pact, with German MEP Bernd Lange stating 'the legal basis has totally changed.' Lawmakers demanded a clear declaration from the United States respecting the deal long-term before proceeding with approval, effectively freezing one of the most significant trade agreements negotiated during Trump's presidency.
Mon, Feb 23, 2026
Moderate
U.S. Stock Markets Fall as Tariff Confusion Deepens
U.S. equity markets traded lower as the S&P 500 fell amid fresh confusion around global trade policy. The combination of the Supreme Court ruling and Trump's rapid response with new tariffs sowed uncertainty among investors about the future of international commerce and existing trade relationships, though Nvidia shares advanced ahead of earnings.
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