PANews reported on February 21 that following the rejection of the IEEPA tariffs, several institutions offered their interpretations, summarized below:

1. Jefferies: Supreme Court ruling benefits consumer-driven industries such as retail, catering, and apparel.

2. Banco Base analyst Gabriela Siller: The U.S. tariff ruling could worsen Mexico's situation.

3. Budget model economists at the Wharton School of the University of Pennsylvania: Supreme Court ruling could trigger more than $175 billion in tariff refunds.

4. Jason Pride, Head of Investment Strategy and Research at Glenmede: Any potential tariff refunds are unlikely to materialize this year and may be delayed into the coming years.

5. Georgetown University International Trade Law Professor Jennifer Hillman: Trump would need to declare a “significant impending devaluation of the dollar” or a “serious balance of payments deficit” to invoke Section 122.

6. Capital Economics: Trump may turn to Section 122 or Section 338; the amount of tariff refunds is expected to reach approximately $120 billion, or 0.5% of GDP.

7. ING: Europe should now prepare for the US to impose more targeted trade tariffs on specific industries, with auto parts and chemicals likely to be the next targets.

8. Former White House official Jon Lang: ASEAN exporters are given a temporary respite as tariffs are reset to a low 10%, and the US will import more goods from these countries during this 150-day temporary window. (Jinshi Data APP)