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Here's your midday brief for Friday, February 20th.

I'm Pierre Bien-Ame for the Wall Street Journal.

The Supreme Court has ruled that President Trump's global tariffs are illegal, striking down a central part of his economic agenda.

Chief Justice John Roberts wrote for the 6th to 3 majority, saying the president exceeded his powers by imposing duties without clear authorization from Congress.

Companies have already filed hundreds of protective lawsuits seeking to preserve their ability to claim refunds from the government for tariffs they have already paid.

It wasn't immediately clear whether the administration will have to issue refunds to companies

that have been paying tariffs for months. The Supreme Court majority didn't address that question.

The tariffs before the Supreme Court represented a big majority of Trump's duties. He had declared

overdose deaths from fentanyl and persistent annual trade deficits to be national emergencies that

justified the new trade policy.

U.S. gross domestic product grew at a 1.4% annual rate in 2025's final quarter, falling

short of the growth expected by economists. GDP measures the value of all goods and services

produced in the economy. The fourth quarter figure was weighed down by last fall's

record-long government shutdown and slower consumer spending. And in other data from the Commerce

Department out today, the Personal Consumption Expenditures Price Index increased by 0.4% in December.

That's a pickup from the prior month, underscoring why many Fed officials are cautious about

...