Name: 最高法院駁回川普的全球關稅令！ (Trump's Global Tariffs Struck Down by Supreme Court)
Uploaded: 2026-02-21T21:33:25.000Z
Duration: 5 min 21 s

This latest headline coming in from the Supreme Court, global tariffs struck down by the Supreme Court.

最高法院最新頭條，全球關稅被最高法院推翻。

關係子句

So today was going to be the fate of whether or not Trump's IEBA tariffs, which about 60 to 75% of the tariff policy right now in the United States is based off of in the Supreme Court making this decision.

所以今天將決定川普的 IEBA 關稅的命運，目前美國約有 60% 到 75% 的關稅政策都是基於最高法院的這項裁決。

彭博終端機上的一則紅標新聞。

Trump's global tariffs are struck down by the U.S. supreme Court.

川普的全球關稅被美國最高法院推翻。

So this means that the Supreme Court has decided that using ipa, which this administration has done, when it comes to the fentanyl tariffs and comes to reciprocal tariffs for other countries, using IPA in is illegal.

這表示最高法院已經裁定，政府使用 IPA 來處理芬太尼關稅以及對其他國家的互惠關稅是非法的。

Now, given that we are in the financial community, a lot of people may be thinking, does this mean we will not have tariffs?

既然我們身處金融圈，很多人可能會想，這是不是代表我們以後就沒有關稅了？

This administration has talked about plan B.

Now they're going to enact tariffs using other policies via USTR and the Commerce Department, but using ipa.

他們現在將透過美國貿易代表署和商務部，但使用 IPA 來實施關稅。

The Supreme Court is saying that this was illegal.

這表示最高法院已經裁定，這是違法的。

Very interesting considering how they've been using these tariff refunds.

考慮到他們一直以來處理關稅退款的方式，這點非常有趣。

And also the president is going to give a massive address next week.

而且總統下週還要發表一個重要的演說。

A lot of Supreme Court justices go to the State of the Union.

很多最高法院的法官都會參加國情諮文。

You can imagine this is going to be an incredibly difficult time for this president, considering this was paramount, a huge policy for his administration.

你可以想像，這對總統來說將會是非常艱難的時刻，畢竟這是他政府的一項重要政策。

And not only do they go to the State of the Union, I believe often they're sitting in the front row.

而且他們不只會去國情諮文，我認為他們常常會坐在前排。

So this might be a little bit more awkward.

Emery, the noise we were kind of getting from the Supreme Court, is it surprising that they struck it down, or did it seem like we were heading in this direction?

Emery，我們從最高法院聽到的聲音，他們推翻這項裁定讓人意外嗎？還是我們早就朝這個方向發展了？

Well, there was a lot of individuals who thought potentially this is just too big, big.

嗯，很多人認為這可能太過頭了。

It was too big of a policy to fail and that they would uphold the president's use of ipa.

這項政策太重要了，不可能失敗，而且他們會支持總統使用 IPA。

But others were saying if you look at iefa, which has not been used in this way, really ever, when it comes to tariff policy, they were saying this wasn't the best legal justification to enact these tariff policies.

但也有人說，看看 iefa，它從來沒有這樣被使用過，尤其是在關稅政策方面，他們認為這不是實施這些關稅政策的最佳法律依據。

IPA is supposed to be used for emergency purposes.

IPA 是 supposed to be used for emergency purposes。

Now, some were saying maybe there would be a split decision.

現在，有些人說可能會是個分裂的判決。

You use IPA and call the fentanyl tariffs an emergency issue, but not reciprocal.

你可以使用 IPA 並將芬太尼關稅稱為緊急問題，但這不是互惠的。

And now the Supreme Court is basically saying using ipa, that is not legal.

而現在最高法院基本上說，使用 IPA 是不合法的。

So this is, you know, really can't over, over explain, emphasize how big of a blow this is for the Trump administration.

所以這，你知道，真的無法過度解釋，強調這對川普政府來說是多大的打擊。

Let's just get a quick check on how markets are reacting to this.

讓我們快速看一下市場的反應。

Anne Marie, I know you probably want to look through the decision a little bit more too so first here's Your S&P 500.

Anne Marie，我知道妳可能也想多看一些判決，所以首先這是 S&P 500。

We'll see what some of these individual companies are doing, especially those who have joined a lawsuit in order to get tariff refunds.

我們來看看這些個別公司在做什麼，特別是那些為了關稅退款而提起訴訟的公司。

Consumer discretionary which had been falling that is now up 1%.

之前下跌的消費非必需品現在上漲了 1%。

Communication services still the best sector.

通訊服務仍然是表現最好的類股。

Let's take a quick look at what bonds are doing this morning too.

我們也來快速看一下今天早上債券的表現。

They are moving higher but recall they had been moving higher after PC yields I.e.

它們正在走高，但請記得，在 PC 殖利率走高後，它們也跟著走高。

p had been moving higher given we had our piece.

由於我們已經有了我們的部分，p 也在走高。

The yields have been moving higher given that PC was largely hot.

由於 PC 大致上很熱絡，殖利率一直在走高。

So your two year yield that moves in up by nearly three basis points.

所以你的兩年期殖利率上漲了將近三個基點。

Your ten year yield that stands at 4,08 that also moves higher by two basis points.

你的十年期殖利率為 4.08，也上漲了兩個基點。

So again the reaction from this has been higher for your yields across the curve.

所以再次強調，這對你的整個殖利率曲線反應都是走高。

And meanwhile an equity market that's rebounding now being led by consumer discretionary companies.

同時，股市正在反彈，現在由消費非必需品公司領漲。

So again a lot of these consumer tariff exposed companies moving higher.

所以再次強調，很多受關稅影響的消費類公司都在走高。

Annmarie Hordern is still around the table with us.

Annmarie Hordern 仍然和我們在一起。

Emery, what, what does I mean maybe we don't know at this point but there has been this list of companies who have joined lawsuits in order to try to claw back some sort of, some sort of tariff refund from ipa.

Emery，你覺得，也許我們現在還不知道，但有一份名單上的公司加入了訴訟，試圖從 IPA 追回一些關稅退款。

Because actually if you didn't join the lawsuit and then you had a decision like this, you wouldn't actually be in the queue preparing to potentially or even be legally allowed to get the, the rebate back in terms of the tariffs that these companies have been paying.

因為實際上，如果你沒有加入訴訟，然後又出現了這樣的決定，你實際上就不在隊伍裡，準備可能甚至合法地拿回這些公司支付的關稅的退款。

So that is why you are seeing a lot of companies like Nike on your screen just shooting up right now the stock.

這就是為什麼你會看到像 Nike 這樣的公司在你的螢幕上股價飆升。

But it is important to take a step back and remember that tariffs are going to be here to say yes for the Trump administration.

但重要的是要退一步想想，關稅將會持續下去，是的，對川普政府來說。

IPA gives an incredible amount of flexibility to this administration to quickly put honestly tariffs on tariffs off basically overnight they're going to have to go through potentially investigations or they're going to have to use other authorities that you can enact tariffs but potentially only for a shorter amount of time or have certain limits them.

IPA 讓這個政府有極大的靈活性，可以快速地，老實說，基本上在一夜之間就徵收或取消關稅，他們將不得不經過調查，或者他們將不得不使用其他權力來實施關稅，但可能只能在較短的時間內，或有一些限制。

So there now will be limits on this administration but they're going to get to similar tariff rates when it comes to countries that have done deals, and

所以現在對這個政府會有諸多限制，但他們將會對那些已經達成協議的國家徵收類似的關稅稅率，

also just broadly, when it comes to the fentanyl tariffs, they're going to have to use other avenues.

所以廣泛來說，關於芬太尼關稅，他們將不得不尋找其他管道。

But this is a big blow for the administration that has really used IPA the entire year to enact their entire trade policy.

但這對一直以來都利用 IPA 來實施其所有貿易政策的政府來說，是一大打擊。

And it's that all of that is so important to keep in mind.

這一切都非常重要，我們需要記住。

Anne Marie, when we look at this market reaction, how much of it will last?

Anne Marie，當我們看到市場的反應時，有多少會持續下去？

Do you start to get an unwind of anything we've seen, given the ability, as you've been describing, to enact tariffs in other ways?

鑑於你剛才提到的，能夠用其他方式實施關稅，我們會開始看到一些情況逆轉嗎？