Week of 16 to 22 February 2026
Major development: on 20 February, the US Supreme Court rules, in Learning Resources Inc. v. Trump, that the International Emergency Economic Powers Act (IEEPA) could not serve as the legal basis for the Trump administration’s “reciprocal” tariffs introduced by executive order on 2 April 2025, for lack of clear authorisation from Congress. That same day, the US administration replaces them, by proclamation, with a new additional 10% duty based on Section 122 of the Trade Act, applicable from 24 February to 24 July 2026.
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