Tariff talk still shaping markets

Tariff policy is still moving markets in April 2026, even after a court struck down part of President Donald Trump’s 2025 trade agenda. (morningstar.com) The Supreme Court ruled on February 20, 2026 that the broad tariffs imposed under the International Emergency Economic Powers Act were unlawful, and Morningstar said United States stocks rose modestly on the news, with its U.S. market index up 0.83% in mid-morning trading. (morningstar.com) That relief did not last long. CNBC reported that hours after the ruling, Trump announced a new 10% global tariff under Section 122 of the Trade Act of 1974 for 150 days, while separate metal tariffs stayed in place. (cnbc.com) The old tariffs had already changed prices and planning. The Budget Lab at Yale said the 2025 tariffs had raised an estimated $214.7 billion in inflation-adjusted customs revenue above the 2022 to 2024 average by February 2026, and the effective tariff rate reached 10.6% in January 2026. (budgetlab.yale.edu) Yale also said imported core goods and durable goods prices rose 1.5% during 2025 through January 2026, and it estimated that roughly 46% to 115% of tariff costs were passed through to consumer goods prices, depending on the measure. (budgetlab.yale.edu) Companies are still dealing with the legal and operational aftershocks. United States Customs and Border Protection said on April 10 that importers can begin the first phase of the refund process for unlawful International Emergency Economic Powers Act duties on April 20, 2026. (thompsonhinesmartrade.com) At the same time, the White House revised Section 232 tariffs on steel, aluminum, and copper on April 2, with the changes taking effect April 6 and applying duties to the full customs value of imported products rather than only the metal content. (thompsoncoburn.com) That uncertainty is spilling into artificial intelligence startups, which need expensive graphics processing units and other chips to train models. Startup Fortune reported that a 25% tariff on certain artificial intelligence chip imports announced in early April is hitting early-stage companies harder than large cloud providers that can lock in long-term contracts. (startupfortune.com) The timing is awkward because venture money is plentiful but concentrated. Crunchbase said investors put $300 billion into 6,000 startups worldwide in the first quarter of 2026, with $242 billion, or 80%, going to artificial intelligence companies and four giant rounds accounting for $188 billion. (news.crunchbase.com) That leaves smaller founders trying to raise money while hardware costs, shipping decisions, and trade rules can all change within weeks. The market may cheer any tariff pause, but the policy swings are still shaping budgets, supply chains, and risk models across Wall Street and Silicon Valley. (cnbc.com)