---
title: "Invesco: The U.S. Supreme Court's overturning of the tariff policy is within market expectations, but the overall tariff level in the U.S. is unlikely to decline significantly"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/276574969.md"
description: "Brian Levitt, Chief Global Market Strategist at Invesco, stated that the U.S. Supreme Court's ruling to overturn the tariff policy was within market expectations, but the overall tariff levels in the U.S. are unlikely to decline significantly. The market's initial reaction to this ruling may be short-lived, as there are still many avenues to maintain tariffs. Although the market reaction was in line with expectations, the overall economy and financial markets can still withstand high tariff levels. Looking ahead to 2026, Invesco holds an optimistic view of the market, believing that risk assets remain attractive, especially non-U.S. stocks and small-cap stocks"
datetime: "2026-02-23T07:56:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276574969.md)
  - [en](https://longbridge.com/en/news/276574969.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276574969.md)
---

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# Invesco: The U.S. Supreme Court's overturning of the tariff policy is within market expectations, but the overall tariff level in the U.S. is unlikely to decline significantly

According to the Zhitong Finance APP, Brian Levitt, Chief Global Market Strategist at Invesco, stated that the U.S. Supreme Court's ruling overturning the U.S. tariff policy is largely in line with market expectations. The market had predicted a low probability of the IEEPA tariffs being upheld, especially after the Supreme Court expressed doubts about their legality during oral arguments last November. He added that although the court overturned the IEEPA tariffs, the overall level of U.S. tariffs is unlikely to decline significantly. Other regulations grant the president broad authority to impose tariffs, which means that tariffs previously implemented under the IEEPA may be reimposed under different legal frameworks. Therefore, the market's initial reaction to this ruling may ultimately be quite short-lived.

He mentioned that while the ruling has largely been reflected in the financial markets, the initial reaction remains consistent with expectations: U.S. small-cap stocks rose, non-U.S. stock markets strengthened, the U.S. Treasury yield curve steepened, and the dollar weakened. Since the market had generally anticipated this outcome, these initial movements are more of a real-time reaction to the news headlines rather than a true signal of significant changes in the global economic fundamentals.

He pointed out that given the various options available to maintain tariffs, the level of U.S. tariffs seems likely to persist, even if its legal basis may change. Fortunately, the global economy and financial markets have proven capable of withstanding decades of high U.S. tariff levels.

Invesco stated that the outlook for 2026 remains optimistic. Several tailwinds are converging, including global fiscal and monetary stimulus measures, as well as AI-driven investments expected to enhance productivity and economic growth. Overall, the leverage levels of households and businesses are not high.

Therefore, the current environment remains favorable for risk assets, particularly in attractive valuation areas such as non-U.S. stocks, small-cap stocks, and U.S. cyclical sectors. This ruling has minimal impact on their investment views. From an investment perspective, although the macro and market outlook remains positive, market volatility may increase as events unfold

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