The Supreme Court just kneecapped President Trump's go-to tool for making other countries come to the negotiating table: tariffs. And he responded by scrapping the blocked tariffs and imposing a new 10% global tariff.

More than 1,000 companies have sued the administration seeking tariff refunds, but experts warn the process could take years.

Ruling. On Friday, the Supreme Court said the 1977 International Emergency Economic Powers Act (IEEPA) does not let a president impose tariffs, with Chief Justice John Roberts writing that the taxing power was not placed in the Executive Branch and that Congress would have spoken clearly if it meant to grant that kind of authority.

Reset. The White House said the tariffs struck down by the ruling "shall no longer be in effect" and should stop being collected as soon as practicable.

Rage. Trump publicly blasted the Supreme Court's decision as "deeply disappointing," attacked justices who ruled against him, and pointedly noted that only one of the three justices he appointed sided with him while the other two joined the majority.

Players. The spotlight lands on Commerce Secretary Howard Lutnick and Cantor Fitzgerald, the financial firm he previously led. His sons, Brandon and Kyle Lutnick, now run leadership roles at Cantor's parent company.

Mechanism. Back in July 2025, a report described traders at Cantor's investment banking subsidiary discussing deals to buy companies' rights to potential tariff refunds, essentially turning possible repayments into a tradable claim.

President Trump said he is considering limited military strikes against Iran even as nuclear talks continue. Meanwhile, Iran's top diplomat says a draft deal could be ready within days.

Trigger. On Friday, Feb. 20, 2026, Trump told reporters he was considering limited military action while the United States and Iran negotiate, then later warned Iran "better negotiate a fair deal." The comments landed as the administration presses Tehran for concessions and signals it is willing to escalate.

Tehran. Iranian Foreign Minister Abbas Araghchi said Friday in a television interview that Iran aims to finalize a draft in "the next two to three days" and send it to Washington. He framed the near-term goal as moving quickly into serious text negotiations and reaching a conclusion.

Posture. The standoff is unfolding alongside a major US military buildup in the Middle East, described as "the largest in decades."

Hungarian Foreign Minister Szijjarto says Hungary will freeze a €90 billion EU loan for Ukraine until Russian oil starts flowing again to Hungary through the Druzhba pipeline (which Hungary critically relies on).

Loan. The loan was preliminarily approved in December 2025 and is framed as covering two-thirds of Ukraine’s needs for 2026 to 2027.

Money. The package earmarks €30 billion for budget support and €60 billion for military needs, meaning Hungary’s veto hits both Ukraine’s basic cashflow and its war effort. Without these funds, Ukraine risks running out of cash by mid-2026.

Fuel. Druzhba transit has been halted since late January after Russian strikes damaged Ukraine’s energy infrastructure. The pipeline is a critical supply route for Hungary and Slovakia, described as the only EU countries still importing Russian crude through the system.

Politics. Szijjarto framed Kyiv’s stance as "blackmailing" Hungary and claimed coordination with the EU and Hungarian opposition ahead of Hungary’s parliamentary elections in April. The government has also escalated anti-Ukraine rhetoric, including Prime Minister Orban recently calling Ukraine an "enemy."

US intelligence now estimates 15,000 to 20,000 people (including ISIS affiliates) are at large in Syria, after the security at Al-Hol, the detention camp that held Islamic State fighters' family members, effectively collapsed.

The fear is not just escapees, but what years inside the camp may have produced.

Place. Al-Hol in Hasaka, Syria, held thousands tied to ISIS through family networks for years. It has been a fixation for counterterrorism analysts because it concentrated people already steeped in the movement's ideology.

Risk. For a long time, security experts warned that the camp was functioning like a training ground in slow motion, with ISIS fighters' wives raising children in a radicalized environment.

Letting the camp deteriorate = a new wave of terrorists organizing.

Trigger. Security broke down in recent weeks after the US-backed Syrian Democratic Forces, which had huarded Al-Hol for years, lost control of it.