U.S. President Donald Trump speaks at the National Governors Association Dinner and Reception held in the East Room of the White House on February 21, 2026 in Washington, DC, USA.
Al Drago | Getty Images News | Getty Images
The U.S. Supreme Court on Friday struck down many of President Donald Trump’s “reciprocal” tariffs imposed under the International Emergency Economic Powers Act.
However, White House leaders did not accept this decision quietly. Hours later, President Trump announced on Truth Social that he would use Section 122 of the new law to impose 10% tariffs worldwide, and the next day he increased the tariffs to 15%.
In response, the European Commission said on Sunday that it would not accept any tariff increases. “A deal is a deal,” the EC said, according to Reuters. Meanwhile, the United States has no intention of changing trade agreements it has with partner countries, Trade Representative Jamison Greer told CBS on Sunday.
The ruling is already having geopolitical implications. India will postpone a scheduled trade visit to Washington, D.C., to assess the impact of the ruling, sources told CNBC.
For tariff critics, things look like one step forward and two steps back.
In fact, futures prices related to U.S. stocks fell stateside Sunday night. However, Asia-Pacific markets largely shrugged off the uncertainty and rose on Monday.
“If you sit around and do nothing, this is just noise, and within a few days there will be something new to worry about,” said Hugh Dive, chief investment officer at Atlas Funds Management.
The United States and Iran will hold their next round of talks on other areas in Geneva on Thursday, the Associated Press reported, citing Oman’s foreign minister. An Iranian official told Reuters that no agreement was reached during previous talks because Washington and Tehran had different ideas about what sanctions relief would look like.
Even though Monday has already started with a flurry of tariffs and geopolitical developments, there will be one event in the spotlight this week. Nvidia’s The U.S. results on Wednesday come amid turmoil in the artificial intelligence field. Investors will be hoping that CEO Jensen Huang will provide some insight into not only spending in this area, but also how AI is being deployed and used to enhance or replace other services.
What you need to know today
Key takeaways from the Supreme Court’s decision: The economic impact is expected to be limited. Inflation may be contained in the short term. That could provide a tailwind to the market. Refunding customs duties is likely to be a hassle. Finally, and most importantly, tariffs will not be eliminated.
Analysts said the court’s rejection of tariffs gave China a negotiating advantage ahead of a summit between Chinese leader Xi Jinping and President Trump. But experts say that while Trump’s tariff powers may be somewhat diminished, he could deploy non-tariff measures such as technology export controls as a negotiating tool.
Bitcoin fell as much as 5% on Monday, falling below $65,000 after President Trump announced new tariffs. “With the sudden increase in tariffs, we believe investors are selling crypto assets in anticipation of a deeper market decline,” said Jeff May, chief operating officer of global blockchain technology company BTSE.
Major US indexes rose on Friday. Regarding that week, S&P500 has increased by 1.1%, Dow Jones Industrial Average The stock closed 0.3% higher. Nasdaq Composite Added 1.5%. Asia-Pacific markets were mostly up on Monday. Korean Kospi achieved a new record, but Hong Kong Hang Seng Index It jumped over 2%.
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And finally…
Chaos, confusion and $200 billion dreams: What we saw at India’s AI summit
India hosted one of the world’s biggest AI events this week, but it was marred by chaos and confusion, and a message that clearly differs from the one the country is trying to convey as it strives to become an artificial intelligence powerhouse.
Despite all this drama, technology companies, especially from the US, could not resist the lure of the Indian market and made numerous announcements talking about the potential of AI in India.
— Arjun Karpal
