The Supreme Court of the United States has invalidated the sweeping reciprocal tariff regime enacted by the Trump Administration last year, purportedly pursuant to the International Emergency Economic Powers Act (50 U.S.C. §§ 1701, et seq.) (IEEPA). In its opinion issued on February 20, 2026 in Learning Resources, Inc. v. Trump, 145 S.Ct. 2811 (2026) authored by the Chief Justice, the Court held that IEEPA’s delegation to the President to restrict imports does not extend to the capricious array of tariffs that the Administration imposed, raised, and lowered as it saw fit.