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PULSE - February 24, 2026
SCOTUS Tariff Ruling Reshapes Trade Narrative as Gold and Dollar Reserve Questions Simmer and Investors Eye Global Diversification
The TACO Trade Collapses as Tariff Narratives Shift from Negotiating Tactic to Structural Economic Policy
Perscient's semantic signature tracking the density of language arguing that investors should not become bearish based on tariff fears registered the week's most consequential decline, falling by 558 points to a current value of 60. The catalyst was the Supreme Court's February 20 ruling that the International Emergency Economic Powers Act does not authorize the president to impose tariffs, a 6-3 decision that affirmed the Federal Circuit's August 2025 holding and struck at the legal foundation of the administration's sweeping trade regime. The Court did not weigh in on refund obligations for the more than $200 billion in tariffs already collected. Within hours, President Trump pivoted, issuing a Proclamation under Section 122 of the Trade Act of 1974 to impose a 10% global tariff for 150 days, then announcing on Truth Social an increase to 15%, though official documents indicate that the tariff took effect at the lower rate with no formal directive to raise it.
