How does today's tariff ruling change the deal you're working on?

professional-advisory profile

February 20, 2026

by a professional-advisory from Wilfrid Laurier University - School of Business and Economics in Toronto, ON, Canada

The Supreme Court just struck down the IEEPA tariffs. For anyone in the middle of a deal right now this changes things fast. I've been thinking about this from both sides. If you're looking at a business that was paying more for imported inputs, their margins over the last 12 months might not be what they look like going forward. Could be better. But if the business was benefiting from tariffs because domestic pricing got more competitive, that protection might be going away. Either way, the last year of financials just became a less reliable baseline. And the uncertainty isn't over. Steel, aluminum and copper tariffs are still in place. The administration is already talking about using other authorities to get back to the same place. For anyone running a normalization model right now, what are you doing with the tariff assumptions? Holding steady? Adjusting? Waiting to see what happens next?
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Reply by a searcher
from Missouri State University in North Canton, OH, USA
The Supreme Court decision only takes out the IEEPA-based emergency tariffs, not the entire tariff. The current administration is already signaling it will try to replicate some of this with other authorities, so we are not going back to pre-2018 free trade world.. like someone already said we can’t remove the uncertainty factor at all..
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Reply by a searcher
from INSEAD in Kirkland, WA, USA
Given the president immediately said he’d put on a 10% global tariff and he doesn’t need to work with congress, I think anyone working on anything involving foreign goods (whether your suppliers are domestic or not) should continue to factor in high uncertainty.
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