Hey there, happy Friday. From CNN, I'm David Rind with the five things you need to know for February 20th.

The Supreme Court handed President Donald Trump a major defeat this morning when it comes to his favorite economic and foreign policy tool, tariffs.

Let's get right to CNN, senior legal analyst, Ellie Honig.

The bottom line is that the tariffs Donald Trump announced back in April on Liberation

Day are gone.

They have been ruled illegal by this US Supreme Court.

An interesting array of justices here.

In the majority, ruling that the tariffs are illegal, is Chief Justice Roberts, Justice

Gorsuch, and Justice Amy Coney Barrett, three conservatives,

who teamed up with the three liberal justices, Sotomayor, Kagan, and Jackson, to rule these

tariffs unconstitutional. The dissenters are justices Thomas, Alito, and Kavanaugh. And the basis for

the ruling is this. Congress, not the president, Congress typically holds the tariff power.

Big question now is, what happens to the $134 plus billion in tariff revenue that's already been collected?

Will importers get reimbursed in some way?

The court doesn't seem to outline a plan here, so this could get extremely messy in the lower courts.

According to two people familiar with their remarks, President Trump called the ruling a disgrace

during a White House breakfast with governors.

He had previously said he would try to reimpose tariffs under other laws, which could be much more restrictive.

A lot more news coming up, including some more news about the economy and more on a potential

U.S. strike on Iran.

Stick around.

Speaking of the economy, I have some good news and I have some bad news.

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