Supreme Court Tariff Ruling Leaves Turkey's Import Rate Unchanged, ETF Up 0.49%
Supreme Court struck down IEEPA-based tariffs and let Trump impose a 15% global tariff under Section 122, cutting the net U.S. tariff increase since 2025 to nine percentage points. Turkey's effective U.S. import rate holds steady and the MSCI Turkey ETF rose 0.49%, extending its year-to-date advance to 21.7%.
1. Supreme Court Ruling on Tariffs
On February 21 the Supreme Court invalidated all Trump-era tariffs imposed under the International Emergency Economic Powers Act. Within hours the administration imposed a 15% global surcharge under Section 122 of the Trade Act of 1974, reducing the aggregate U.S. tariff increase since January 2025 to nine percentage points net.
2. Turkey's Tariff Outcome
Turkey’s effective U.S. import rate remains unchanged at 7.9% before and after the ruling, making it one of the few major trading partners with a neutral outcome. This stability should limit immediate cost changes for Turkish exporters and importers facing U.S. duties.
3. MSCI Turkey ETF Moves and Outlook
The MSCI Turkey ETF gained 0.49% on the day of the Supreme Court decision and has climbed 21.7% year to date. Market participants note that further shifts in U.S. trade policy or swings in commodity prices could introduce volatility in the coming months.