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ForexHigh Impact•23 February 2026•

1 min read

Trump Defies Supreme Court Ruling on Tariffs, Sparking 'Sell America' Sentiment

Donald Trump against maps of the US and Iran, with oil barrels, pipelines, derricks, and upward financial charts amidst flames.

Key Facts

1The US Supreme Court ruled that the 10% global baseline tariff rate enacted by Trump is illegal.

2President Trump refused to back down on his tariff policy despite the court ruling against his use of the International Emergency Economic Powers Act (IEEPA).

The US Supreme Court has ruled that President Trump’s 10% global baseline tariff is illegal, striking down the administration's use of the International Emergency Economic Powers Act (IEEPA). Despite the judicial setback, President Trump has refused to rescind the policy, leading to a direct constitutional confrontation between the executive and judicial branches. This defiance has triggered a resurgence of the 'Sell America' sentiment across global financial markets due to heightened legal uncertainty. Investors are reacting by putting significant downward pressure on the US Dollar (DXY), while safe-haven assets like Gold (XAU/USD) are seeing increased demand. Major indices, including the Hang Seng Index, are also reflecting broader concerns over trade stability. Analysts warn that the ongoing conflict could further destabilize market confidence in US trade policy and currency strength.