Tariff whiplash is back markets wait for clarity after Supreme Court ruling

What happened

U.S. markets are starting the week in “policy uncertainty” mode after the U.S. Supreme Court struck down most of President Trump’s sweeping tariffs imposed under IEEPA (International Emergency Economic Powers Act). The administration quickly pivoted to a temporary, across-the-board import surcharge using Section 122 of the Trade Act of 1974: first 10%, then raised to 15%, with the clock running on a 150-day window unless Congress extends or changes it. That leaves investors juggling 3 moving parts: the new temporary tariff rate, the path to “targeted” permanent tariffs, and whether/when companies get refunds for tariffs already paid.

Why markets care

1. Earnings risk: Import-heavy companies may face margin pressure (or  ...