Market Musings 2/23/2026
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
Are markets ready for #Tariffs: Round 2?
Just when markets thought the #Tariffs drama had finally faded… it’s back.
Last Friday, the Supreme Court struck down the broad #Tariffs from last year saying the White House exceeded its authority under the emergency powers statute it used.
Markets initially welcomed the decision. It would reduce the prospect of longer-term trade pressure, but also raised the possibility of messy importer refunds. However, that relief was short-lived.
The White House quickly announced new 15% global #Tariffs.
This time under Section 122 of the Trade Act of 1974. It allows for #Tariffs of up to 15% for 150 days to address international payment problems. However, after 150 days, Congress would need to approve any extension.
And, that’s where uncertainty ramps up…
Will Congress actually vote to extend them? If not, do they expire or does the administration just try another way to impose them?
What happens to all the trade deals that were already announced?
Will all the existing #Tariffs be refunded? Is that government money still available?
Investors had largely already moved on from #Tariffs. Trade deals had been struck, #Inflation had been mostly moderate so far and the economy has been resilient.
However, #Tariffs 2.0 just injects uncertainty back into the market. This new round could certainly end up less impactful like last time, but markets don’t like unpredictability.
We’ll be closely watching what comes next. Like last time, this one has a timer… 150 days.
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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.
Original Photo by Pixabay.