{"id":58887,"date":"2026-02-21T07:38:37","date_gmt":"2026-02-21T11:38:37","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/global-trade-and-energy-markets-shaken-by-scotus-tariff-ruling-and-slovak-ultimatum-to-ukraine\/58887\/"},"modified":"2026-02-21T07:38:37","modified_gmt":"2026-02-21T11:38:37","slug":"global-trade-and-energy-markets-shaken-by-scotus-tariff-ruling-and-slovak-ultimatum-to-ukraine","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/global-trade-and-energy-markets-shaken-by-scotus-tariff-ruling-and-slovak-ultimatum-to-ukraine\/58887\/","title":{"rendered":"Global Trade and Energy Markets Shaken by SCOTUS Tariff Ruling and Slovak Ultimatum to Ukraine"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>The US Supreme Court struck down President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a>\u2019s broad emergency tariffs<\/strong> in a 6-3 ruling, potentially triggering billions of dollars in refund claims and forcing a major pivot in US trade policy.<\/li>\n<li><strong>Slovak PM Robert Fico issued a Monday deadline<\/strong> to halt emergency electricity supplies to Ukraine unless oil transit via the <strong>Druzhba pipeline<\/strong> is restored.<\/li>\n<li><strong>The US is expanding advanced missile deployments in the Philippines<\/strong>, including the 1,600km-range <strong>Typhon<\/strong> system, significantly heightening military tensions with China in the South China Sea.<\/li>\n<li><strong>UK Foreign Secretary Yvette Cooper and US Secretary of State Marco Rubio met in Washington<\/strong> to coordinate on critical mineral supply chains and navigate friction over the <strong>Chagos Islands<\/strong> deal.<\/li>\n<li><strong>Ukraine launched a large-scale drone attack in Tatarstan<\/strong>, targeting Russian drone production facilities over 1,000km from the front lines, which Moscow claims to have repelled.<\/li>\n<\/ul>\n<p>The <strong>US Supreme Court<\/strong> delivered a landmark blow to the administration\u2019s economic agenda on Friday, ruling that the <strong>International Emergency Economic Powers Act (IEEPA)<\/strong> does not grant the President authority to impose broad, open-ended tariffs. The 6-3 decision, authored by <strong>Chief Justice John Roberts<\/strong>, clarifies that the power to lay and collect duties resides exclusively with <strong>Congress<\/strong>, invalidating the 10% baseline and reciprocal tariffs implemented last year.<\/p>\n<p>Global markets and governments, including <strong>India<\/strong>, are now cautiously assessing the implications of the ruling, which could lead to over <strong>$200 billion<\/strong> in refund claims from importers. While tariffs under <strong>Section 232<\/strong> and <strong>Section 301<\/strong> remain intact, the decision removes the centerpiece of the current administration&#39;s protectionist trade strategy. Major industrial players like <strong>Reliance Industries (<a href=\"\/stock\/RELIANCE\">RELIANCE<\/a>)<\/strong> are reportedly studying the legal text to determine the impact on their export portfolios.<\/p>\n<p>In Europe, energy security has taken center stage as Slovak Prime Minister <strong>Robert Fico<\/strong> threatened to cut off emergency electricity to <strong>Ukraine<\/strong> by Monday. Fico\u2019s ultimatum follows the suspension of Russian oil transit through the <strong>Druzhba pipeline<\/strong>, which has forced the Slovak refinery <strong>Slovnaft<\/strong>, owned by <strong>MOL Group (<a href=\"\/stock\/MOL\">MOL<\/a>)<\/strong>, to declare a state of emergency. While <strong>Ukraine<\/strong> maintains the pipeline was damaged by Russian strikes, Fico has accused Kyiv of &quot;blackmail&quot; and ordered a halt to diesel exports to the neighboring nation.<\/p>\n<p>Diplomatic tensions are also rising between the <strong>US<\/strong> and the <strong>UK<\/strong> over the <strong>Chagos Islands<\/strong> sovereignty deal. <strong>Foreign Secretary Yvette Cooper<\/strong> met with <strong>Secretary of State Marco Rubio<\/strong> to discuss the future of the <strong>Diego Garcia<\/strong> military base after <strong>President <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a><\/strong> renewed his criticism of the agreement. The two leaders also discussed deepening cooperation on <strong>critical minerals<\/strong> and security strategies regarding <strong>Iran<\/strong>, <strong>Gaza<\/strong>, and <strong>Ukraine<\/strong>.<\/p>\n<p>In the Indo-Pacific, the <strong>US<\/strong> is moving forward with plans to deploy more advanced missile systems to the <strong>Philippines<\/strong> to deter Chinese aggression. These systems include the <strong>Typhon<\/strong> launcher, manufactured by <strong>Lockheed Martin (<a href=\"\/stock\/LMT\">LMT<\/a>)<\/strong>, and the <strong>NMESIS<\/strong> anti-ship system, which utilizes technology from <strong>RTX Corporation (<a href=\"\/stock\/RTX\">RTX<\/a>)<\/strong>. <strong>China<\/strong> has voiced &quot;strong objections,&quot; warning that placing long-range Tomahawk missiles within reach of its southern coast threatens regional stability.<\/p>\n<p>On the military front, <strong>Russia<\/strong> reported repelling a massive Ukrainian drone strike in <strong>Tatarstan<\/strong>, a strategic industrial hub located deep within Russian territory. The attack targeted the <strong>Alabuga Special Economic Zone<\/strong>, a known production site for <strong>Shahed-style<\/strong> drones used by Russian forces. Simultaneously, the <strong>Syrian Observatory<\/strong> reported that 100 trucks of <strong>International Coalition<\/strong> forces entered northeastern <strong>Syria<\/strong>, heading toward the <strong>Qasrak<\/strong> base in <strong>Al-Hasakah<\/strong> to reinforce regional positions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways The US Supreme Court struck down President Trump\u2019s broad emergency tariffs in a 6-3 ruling, potentially triggering billions 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