{"id":58860,"date":"2026-02-20T13:38:25","date_gmt":"2026-02-20T17:38:25","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/supreme-court-strikes-down-trumps-global-tariffs-bp-restarts-key-olympic-pipeline\/58860\/"},"modified":"2026-02-20T13:38:25","modified_gmt":"2026-02-20T17:38:25","slug":"supreme-court-strikes-down-trumps-global-tariffs-bp-restarts-key-olympic-pipeline","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/supreme-court-strikes-down-trumps-global-tariffs-bp-restarts-key-olympic-pipeline\/58860\/","title":{"rendered":"Supreme Court Strikes Down Trump\u2019s Global Tariffs; BP Restarts Key Olympic Pipeline"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The U.S. Supreme Court ruled 6-3 to strike down President Trump\u2019s sweeping global tariffs,<\/strong> declaring the administration exceeded its authority under the 1977 International Emergency Economic Powers Act (IEEPA).<\/li>\n<li><strong>President Trump has scheduled an emergency press briefing for 12:45 PM ET<\/strong> to respond to the decision, which he has already privately characterized to governors as a &quot;disgrace.&quot;<\/li>\n<li><strong>Speaker Mike Johnson (R-LA) signaled a legislative response,<\/strong> stating that Congress and the Administration will determine the &quot;best path forward&quot; following the judicial rebuke.<\/li>\n<li><strong>BP (<a href=\"\/stock\/BP\">BP<\/a>) successfully restarted the Olympic Pipeline<\/strong> after a week-long shutdown for repairs, stabilizing fuel supplies for the Pacific Northwest and Seattle-Tacoma International Airport.<\/li>\n<li><strong>The ruling immediately invalidates billions of dollars in import levies,<\/strong> potentially triggering a massive wave of refund claims from major U.S. importers.<\/li>\n<\/ul>\n<p>In a landmark decision that represents the most significant legal defeat for the administration since the start of the term, the <strong>U.S. Supreme Court<\/strong> ruled on Friday that President Trump lacked the constitutional authority to impose broad global tariffs via emergency executive order. The <strong>6-3 decision<\/strong>, authored by <strong>Chief Justice John Roberts<\/strong>, held that the power to tax and impose duties rests solely with <strong>Congress<\/strong>, and that the <strong>International Emergency Economic Powers Act (IEEPA)<\/strong> does not grant &quot;unbounded&quot; tariff authority to the executive branch.<\/p>\n<p>The ruling was supported by a cross-ideological majority, including the court&#39;s three liberal justices and Trump-appointed Justices <strong>Neil Gorsuch<\/strong> and <strong>Amy Coney Barrett<\/strong>. In his opinion, Roberts emphasized that the president must identify &quot;clear congressional authorization&quot; to exercise such extraordinary economic power. The decision effectively halts the administration&#39;s &quot;reciprocal&quot; tariff strategy, which had targeted nearly all U.S. trading partners, including <strong>Canada<\/strong> and <strong>Mexico<\/strong>.<\/p>\n<p><strong>President Trump<\/strong> is expected to deliver a forceful response during a televised briefing at <strong>12:45 PM ET<\/strong>. Sources indicate the president was informed of the ruling during a meeting with governors, where he reportedly expressed outrage. While the ruling strikes down tariffs issued under the <strong>IEEPA<\/strong>, legal experts suggest the administration may pivot to other statutes, such as <strong>Section 122 of the Trade Act of 1974<\/strong>, to attempt to reinstate some levies on a temporary basis.<\/p>\n<p>On Capitol Hill, <strong>Speaker Mike Johnson<\/strong> indicated that the legislative branch is already preparing to coordinate with the White House on a &quot;path forward.&quot; The Speaker\u2019s comments come just weeks after he failed to pass a House rule that would have blocked lawmakers from nullifying the tariffs. With the court&#39;s decision now shifting the burden of trade policy back to <strong>Congress<\/strong>, the administration faces a difficult path to secure formal legislative approval for its protectionist agenda.<\/p>\n<p>In the energy sector, <strong>BP (<a href=\"\/stock\/BP\">BP<\/a>)<\/strong> announced the full restart of its <strong>Olympic Pipeline<\/strong> on Friday morning. The 400-mile critical infrastructure project, which transports gasoline, diesel, and jet fuel from northern <strong>Washington<\/strong> to <strong>Oregon<\/strong>, had been offline this week for essential repairs. The restart is expected to immediately ease regional fuel price volatility and secure the fuel supply for <strong>Seattle-Tacoma International Airport (Sea-Tac)<\/strong>, which had been operating on reserve stocks.<\/p>\n<p>Market analysts expect the Supreme Court&#39;s tariff ruling to have an immediate deflationary effect, as companies like <strong>Costco (<a href=\"\/stock\/COST\">COST<\/a>)<\/strong> and other major retailers may no longer face the high import costs that have pressured consumer prices. However, the potential for a &quot;messy&quot; refund process for billions in already-collected duties remains a point of concern for the <strong>Treasury Department<\/strong>. <em>Investors are closely watching the 12:45 PM briefing for any signs of immediate retaliatory trade measures or new executive orders.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The U.S. Supreme Court ruled 6-3 to strike down President Trump\u2019s sweeping global tariffs, declaring the administration exceeded 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