What does the Supreme Court tariff ruling change for markets?

It curbs IEEPA‑based tariff actions, pushing the White House to use Section 122 tariffs instead. That narrows legal grounds for some challenges but keeps policy flexible. Markets now price a 10% global levy and the risk of a 15% step‑up, with volatility higher across import‑exposed sectors.

How big could tariff refunds be and who benefits?

Estimates suggest up to about $175 billion in disputed IEEPA‑era collections. Outcomes are uncertain and may take years. If refunds occur, importers that paid duties could benefit. For investors, treat refunds as optional upside rather than a core thesis, and avoid concentrated legal‑outcome bets.

Which sectors face the most pressure under Section 122 tariffs?

Import‑heavy groups such as retail, autos, machinery, electronics, and apparel face tighter margins from higher landed costs. Companies with weak pricing power and thin cash buffers are most exposed. Firms with diversified supply chains, inventory flexibility, and hedging may cushion the impact better.

How should UK investors adjust exposure to US equities now?

Keep diversified US exposure but trim concentration in import‑reliant segments. Prefer resilient cash flow, low leverage, and strong pricing power. Consider partial currency hedging, use staggered buys, and maintain liquidity. Reassess holdings after policy updates, refund case milestones, or signs of retaliation that affect earnings visibility.

Law and Government

^GSPC Today: February 24 — 10% Tariff Starts, Refund Risks

ByHuzaifa Zahoor February 24, 2026

The Supreme Court tariff ruling now limits IEEPA use, so the White House starts a 10% levy under Section 122 today. That shift keeps policy fluid and raises refund disputes and retaliation risk. For UK investors, this matters for US equity exposure held in ISAs, SIPPs, and pension funds. The S&P 500 (^GSPC) sits near 6,874 as volatility edges up and import‑heavy sectors wobble. We outline what the Supreme Court tariff ruling means, how Section 122 tariffs work, and ways to manage risk from tariff refunds and policy moves.