We heard CEOs rip into Trump’s tariffs behind the scenes and the Supreme Court just vindicated them

Fortune

by Jeffrey Sonnenfeld, Steven Tian, Stephen Henriques

February 20, 2026

AI-Generated Deep Dive Summary

The U.S. Supreme Court recently struck down most of President Trump’s import tariffs under the International Emergency Economic Powers Act (IEEPA), delivering a significant victory for American businesses and consumers. The 6-3 ruling aligns with what many CEOs have privately and publicly criticized for months: the tariffs were not only unlawful but also counterproductive, harming U.S. industries and adding costs for consumers. This decision validates the concerns of business leaders who argued that the tariffs disrupted supply chains and stifled economic growth. The article highlights that a majority of surveyed CEOs believed the tariffs were illegal and harmful to their operations. Many executives emphasized that tariffs did not effectively protect industries but instead shifted financial burdens onto American businesses and consumers. For instance, one manufacturing CEO noted that forcing certain products to be manufactured domestically is unrealistic and counterproductive. Instead, they argued for targeted incentives to support specific industries rather than broad tariff policies. Despite the Supreme Court’s ruling, economic uncertainty persists due to Trump’s ongoing threats of new tariffs under Section 122 of the Trade Act of 1974. This unpredictability has already hindered business investment decisions and could continue to impact the economy in the long term. The article warns that such uncertainty may be more damaging than minor fluctuations in interest rates, as it discourages long-term planning and growth. This ruling underscores the importance of legal and economic checks on presidential powers, particularly when policies like tariffs have far-reaching consequences for businesses and consumers. While the Court’s decision provides some relief, the ongoing threat of new trade measures highlights the challenges businesses face in navigating an unpredictable political and economic landscape.

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Originally published on Fortune on 2/20/2026