By Sarah Min
Publication Date: 2026-02-20 19:34:00
Wall Street next week is bracing for President Donald Trump’s new tariff plan following Friday’s Supreme Court ruling, at the same time as traders scan for escalating tensions with Iran and look ahead to Nvidia ‘s latest financial results. Stocks swung between gains and losses on Friday after the high court ruled that Trump wrongfully invoked the International Emergency Economic Powers Act (IEEPA) to implement his reciprocal tariffs. In response, Trump said he will impose a new 10% “global tariff,” using powers contained in other trade acts. The major market averages initially rallied on the Supreme Court decision, sold off and then recovered again as investors expected it would soothe tensions between the U.S. and its trading partners, result in refunds to affected companies and possibly reduce inflation. “It would seem that Wall Street — and Main Street — are going to be dealing with the issue of trade and tariffs for some time to come,” Tim Holland, chief investment officer of Orion Wealth Management, wrote on Friday. Other details still concern the market. For one, the issue of refunds — forcing the U.S. to return billions of dollars to importers who paid the IEEPA tariffs — was kicked back down to the lower courts, laying the groundwork for prolonged legal fights. “We expect that the process for firms to receive tariff refunds will be lengthy and challenging, with litigants needing to bring individual cases or participate in class action (vs. automatic…