New 2026 tariffs, 10-12.5% global duties, and a 50% Canadian tariff are reshaping valuation work. Learn how to adjust normalized earnings, discount rates, and DLOM for tariff-exposed clients, plus a practical framework for quantifying exposure and documenting assumptions before rates shift again.

On February 20, 2026, the United States Supreme Court issued one of the most consequential economic rulings in recent memory. In a 6-3 decision in Learning Resources, Inc. v. Trump, the Court held that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs. The sweeping global tariffs that had reshaped U.S. trade policy — including a 10% baseline tariff and reciprocal tariffs ranging up to 41% on many trading partners — were