U.S. President Raised Global Tariffs After Supreme Court Invalidated Trump's Trade Tax

Barry Adams
23 Feb, 2026
New York City

Stocks on Wall Street faced headwinds as investors took refuge in safe haven assets after the U.S. president imposed 15% global tariffs.

The S&P 500 index decreased 0.3%, and the tech-heavy Nasdaq Composite dropped 0.6% following heightened uncertainty surrounding the U.S. trade policy. 

The U.S. Supreme Court late Friday delivered a widely anticipated decision on the legality of the U.S. president's global tariffs. 

In a 6-3 ruling, the high court invalidated most of Trump's tariffs, rebuked the president for overreaching his authority, and urged the Congress to decide on the scope and level of tariffs.

The court's ruling delivered a stinging blow to the key pillar of Trump's trade policy and left unresolved how the $135 billion of tariffs collected will be reimbursed.

The U.S. president announced a new 15% global tariff over the weekend, but that tariff is limited in scope and automatically expires after 150 days, unless extended by the U.S. Congress. 

Donald Trump's reaction to his loss in the Supreme Court raised prospects of another round of chaos, as businesses feared a murky trade climate and uncertainty for at least several months. 

The persistently chaotic management of U.S. trade policy by the Trump administration has kept foreign investors on edge for a year, driving them away to other markets in Asia and Europe. 

Moreover, gold jumped 0.8% to $5,179 an ounce, silver gained 1.8% to $86.11, and the dollar index inched lower to a one-month low of 97.65.

 

U.S. Movers

Domino's Pizza jumped 5.8% to $407.0 after the pizza delivery company reported better-than-expected fourth-quarter results. 

Revenues increased to $4.9 billion from $4.7 billion, net income advanced to $601.7 million from $584.1 million, and diluted earnings per share rose to $17.57 from $16.59 a year ago. 

U.S. same-store sales growth for the fourth quarter accelerated to 3.7% from 0.4%, and for fiscal 2025 inched lower to 3.0% from 3.2% a year ago, respectively.