What did the Supreme Court tariff ruling change?

The Court narrowed use of IEEPA to impose or raise tariffs. As a result, CBP is expected to stop collecting those IEEPA-based duties. The decision also pushes the administration to use traditional tools, like Section 122, which carry caps and time limits. For investors, that reduces legal uncertainty around emergency tariffs but keeps policy risk in focus as new guidance emerges.

Who could receive tariff refunds and how fast might they come?

Importers who paid IEEPA-linked duties could qualify for refunds, with total exposure reported around $175B. Timing depends on CBP procedures, documentation, and potential litigation over eligibility and interest. Firms should audit entries, assemble claim files, and consult trade counsel. Investors should model cash flow scenarios and assume staggered, multi-quarter processing, not a single lump-sum wave.

Can Section 122 deliver a Trump 15% global tariff now?

Section 122 allows temporary tariff adjustments but caps broad actions at 15% for 150 days, subject to extensions and oversight. That constrains sweeping, long-duration hikes. The administration indicated it will rely on existing authorities while respecting trade agreements. Markets will watch the scope, country coverage, and any national security findings that could bring other statutes into play.

How should Japan-based investors position around ^GSPC and USD/JPY?

Consider keeping US equity exposure but manage currency risk. A firmer yen can reduce USD returns, so pair holdings with USD/JPY hedges. Favor cash-rich, globally diversified companies that benefit from lower input costs if tariffs ease. Watch Section 122 announcements, CBP refund guidance, and momentum signals on ^GSPC, including RSI and Bollinger bands, to time adds or trims.

Law and Government

^GSPC Today: February 24 — SCOTUS Tariff Ruling Halts IEEPA; $175B Refund Risk

ByHuzaifa Zahoor February 24, 2026February 24, 2026

The Supreme Court tariff ruling clipped use of IEEPA tariffs, with CBP expected to stop collecting those levies and about $175B of past duties at risk of refund. The White House signaled fallback to Section 122, which caps new tariffs at 15% for 150 days. For Japan investors, this shifts near-term paths for the dollar, US equities, and trade-sensitive sectors. We break down the policy mechanics, how ^GSPC is pricing the shock, and what yen strength could mean for exporters and hedging plans.