On 20 February 2026, the Supreme Court ruled 6-3 that the IEEPA tariffs the legal foundation of the largest American trade regime since the 1930s were unlawful. The administration responded within hours, invoking Section 122 and launching Section 301 investigations into sixteen economies. The tariff level has not materially changed. The legal foundation has been replaced twice in fourteen months. That instability is now a structural condition.