作者：劳拉·马修斯（Laura Matthews）和苏珊娜·麦吉（Suzanne McGee）
2026年2月20日 美国东部时间下午4:58 更新于7分钟前
一名人士在美国华盛顿特区美国最高法院大楼外用摄像机记录，当天最高法院法官发布了推翻唐纳德·特朗普总统全面关税的意见。路透社/乔纳森·恩斯特（Jonathan Ernst）
[1/2]一名人士在美国华盛顿特区美国最高法院大楼外用摄像机记录，当天最高法院法官发布了推翻唐纳德·特朗普总统全面关税的意见。路透社/乔纳森·恩斯特 [购买许可权，在新标签页打开]
- 摘要
- 公司
- 最高法院裁决打击IEEPA关税，股市和债券收益率小幅走高
- 1750亿美元关税的退款不确定性挥之不去
- 赤字担忧下，国债抛售风险依然存在
2月20日（路透社）- 美国最高法院周五裁定推翻唐纳德·特朗普总统的全面关税，全球股市反应平淡，同时引发所谓“债券警惕者”对政府财政和更高债券收益率的担忧。
投资者表示，这一决定可能削弱投资者的风险偏好，尤其是在特朗普周五下午如预期般宣布将寻求其他选择重新征收进口关税之后。这可能对外国收入高的行业或对原材料和零部件价格变化敏感的行业造成压力，投资者引用科技、材料、能源和工业行业为例。
路透社《内幕追踪》通讯是您了解全球体育重大赛事的必备指南。[在此注册]
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法院维持了下级法院的裁决，即这位共和党总统超出了他用于证明关税正当性的1977年法律所赋予的权力。政府现在可能需要向缴纳关税的美国和外国公司偿还1500亿至2000亿美元。投资者表示，这可能提振汽车制造商、消费品进口商和其他行业。
基准标准普尔500指数（.SPX）最初上涨约0.5%，经过震荡交易后，下午中段上涨0.4%。零售商、其他周期性消费股和海外市场相关ETF最初强劲反弹，追踪大型零售商的道富环球投资标准普尔零售ETF从小幅下跌转为0.5%的小幅上涨。
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一些主要美国贸易伙伴的股票表现更好，iShares MSCI墨西哥ETF（EWW.P）上涨1.26%，iShares MSCI韩国ETF（EWY.P）上涨4.29%，加拿大TSX综合指数（.GSPTSE）上涨0.40%。
US Supreme Court ruling overturning Trump tariffs could spook bond vigilantes
By Laura Matthews and Suzanne McGee
February 20, 2026 4:58 PM UTC Updated 7 mins ago
节点运行失败
Item 1 of 2 A person uses a video camera to record outside the U.S. Supreme Court building, where justices released their opinion today striking down President Donald Trump’s sweeping tariffs in Washington, D.C., U.S., February 20, 2026. REUTERS/Jonathan Ernst
[1/2]A person uses a video camera to record outside the U.S. Supreme Court building, where justices released their opinion today striking down President Donald Trump’s sweeping tariffs in Washington, D.C., U.S., February 20, 2026. REUTERS/Jonathan Ernst [Purchase Licensing Rights, opens new tab]
- Summary
- Companies
- Stocks, bond yields edge higher as justices strike down IEEPA tariffs
- Refund uncertainty looms on $175 billion tariffs
- Potential for Treasury selloff remains amid deficit concerns
Feb 20 (Reuters) – The U.S. Supreme Court’s Friday ruling striking down President Donald Trump’s sweeping tariffs produced a muted rally in global stock markets while stoking worries among so-called bond vigilantes about government finances and higher bond yields.
The decision could dent risk appetite among investors, especially after Trump announced Friday afternoon, as widely expected, that he will explore other options to re-impose the import duties. That could weigh on sectors with high foreign revenues or those sensitive to changes in the price of raw materials and components, investors said, citing tech, materials, energy, and industrials.
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The court upheld a lower court’s decision that the Republican president exceeded his authority under the 1977 law that he used to justify the duties. The government may now have to pay back $150 billion to $200 billion to U.S. and foreign companies that paid them. This could boost automakers, consumer goods importers and other sectors, said investors.
The benchmark S&P 500 stock index (.SPX), opens new tab initially rose about 0.5% on the news and after a bumpy trade was up 0.4% mid-afternoon. Retailers, other consumer cyclical stocks and ETFs with exposure to overseas markets enjoyed a healthy bounce initially, while the State Street SPDR S&P Retail ETF, which tracks large retailers, gyrated from a small loss to a small gain of 0.5%.
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Shares in some major U.S. trading partners fared better, with the iShares MSCI Mexico ETF (EWW.P), opens new tab 1.26% ahead, the iShares MSCI South Korea ETF (EWY.P), opens new tab logging a 4.29% gain and Canada’s TSX Composite Index (.GSPTSE), opens new tab rallying 0.40%.
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