🇺🇸SOTU Trump: Says tariffs stay despite Supreme Court loss, pivots to new global levy.

Near term, the tariff “risk premium” persists because the policy appears to be reconstructed under different authorities, not removed. The swing factors are: (1) whether Section 122 withstands legal scrutiny, (2) whether the tariff rate shifts to 15%, and (3) refund uncertainty and retaliation risk feeding into growth and FX pricing.

🔴Trump addressed tariffs during his SOTU address

🔴Supreme Court ruled IEEPA doesn’t authorise tariffs (Feb 20, 2026)

🔴White House pivoted to temporary global tariffs under Section 122

🔴Rate set at 10% for 150 days; administration working toward 15%

🔴Many other tariffs (Section 232/301) remain intact

🔴Economists question “balance-of-payments crisis” rationale, raising fresh legal risk

🔴Refunds and trade-deal durability remain live issues

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