The US Supreme Court's rejection of the raft of US tariffs imposed in 2025 under the International Emergency Economic Powers Act (IEEPA) offers near-term relief for some exporters, but some sectors may still be in the crosshairs. We discuss the prospect of refunds, the durability of restrictive trade frameworks, and how the US administration will likely tap other legal means to achieve its trade agenda. This comes amid upheaval from the Middle East conflict which is rippling across sectors and deepening the uncertainty. Host: William Foster, Senior Vice President, Sovereign Risk, Moody's Ratings Guests: Atsi Sheth, Chief Credit Officer, Moody’s Ratings Related Research: - Tariffs – Global – Trade deal commitments and new tariffs diminish effects of IEEPA ruling 3 March 2026 (https://www.moodys.com/research/Tariffs-Global-Trade-deal-commitments-and-new-tariffs-diminish-effects-Sector-In-Depth--PBC_1475646) - Tariffs – US – FAQ: Trade uncertainty will persist after Supreme Court rules on IEEPA tariffs 19 Feb 2026 (https://www.moodys.com/research/Tariffs-US-FAQ-Trade-uncertainty-will-persist-after-Supreme-Court-Sector-In-Depth--PBC_1471311) - Government Policy – US – Midterm dynamics and 'America First' agenda to shape credit in 2026 19 Feb 2026 (https://www.moodys.com/research/Government-Policy-US-Midterm-dynamics-and-America-First-agenda-to-Sector-In-Depth--PBC_1472042) - Moody’s Tariff Tracker (https://www.moodys.com/account/sign-in?lang=en&ReturnUrl=/web/resources/en/us/insights/data-stories/tariff-tracker-2025.html) © 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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