What exactly did the Supreme Court ruling change for Trump tariffs?

The Supreme Court ruling voided the 2025 Trump tariffs by rejecting the emergency authority used to impose them. That removes the immediate legal basis and enforcement path for those measures. It eases near‑term pressure on importers and partners, including Swiss firms. However, policy risk persists because new actions may proceed under other statutes, subject to fresh rulemaking and possible court review.

When would the 10% global tariff start and who would pay it?

Officials signaled a 10% global tariff would begin in three days under the 1974 Trade Act. U.S. importers pay duties upon entry, then decide whether to absorb costs or pass them to customers. Swiss suppliers could face discounts, delayed orders, or renegotiated terms. Final burden depends on contracts, currency moves, and pricing power along the supply chain.

How could this affect Swiss stocks and the franc (CHF)?

If a broad 10% global tariff begins, Swiss exporters with large U.S. exposure may see short‑term order shifts and margin pressure. Firms with strong brands and IP tend to defend prices better. If CHF strengthens, local input costs improve, but USD revenues convert lower. We expect choppy trading around guidance updates, customs notices, and any court actions on the new plan.

Should I change my S&P 500 exposure now?

Current signals show range‑bound action: ^GSPC at 6861.88, RSI 51.53, ADX 16.67, with a C+ Grade and HOLD suggestion. A tactical approach fits headline risk from the proposed 10% global tariff. Consider trimming high‑beta U.S. cyclicals, maintaining liquidity, and using USD hedges where suitable. Reassess after official texts clarify scope, timing, and any early legal challenges.

Law and Government

February 21: Supreme Court Voids Trump Tariffs; Global 10% Looms

ByHuzaifa Zahoor February 21, 2026February 21, 2026

Trump tariffs were voided by a Supreme Court ruling on 21 February, removing the emergency authority used in 2025. Minutes later, a new 10% global tariff was flagged to start in three days under the 1974 Trade Act, raising near‑term risk for equities and trade flows. For Switzerland, Swiss‑U.S. talks face fresh uncertainty, and exporters could see higher U.S. border costs. We outline legal changes, market setup, and practical steps for CHF‑based investors watching the S&P 500 and cross‑border supply chains.