New York, Feb 21, 2026, 10:31 EST — The session has ended.
- Ford ended Friday at $14.01, a 1.7% climb, with trading volume hitting roughly 67 million shares.
- Automakers with cross-border supply chains are once again watching the U.S. Supreme Court on tariffs, as well as a fresh review of USMCA rules.
- Monday’s session has traders eyeing updates on both the replacement tariffs and how refunds will be handled.
Ford Motor Co (NYSE:F) finished Friday at $14.01, up 1.7%. Shares moved between $13.72 and $14.04, with volume approaching 67 million. (shareholder.ford.com)
Trade policy again moved into the spotlight following the U.S. Supreme Court’s decision to overturn President Donald Trump’s sweeping emergency tariffs, enacted via the International Emergency Economic Powers Act (IEEPA), a law governing national emergencies. “The biggest uncertainty was whether the court would address refunds, which they did not,” said Tom Graff, chief investment officer at Facet in Phoenix. (Reuters)
Ford isn’t just reading about tariffs—they’re feeling the impact. Earlier this month, the company told investors it’s bracing for around $2 billion in costs this year thanks to Trump’s tariffs, with a big chunk of that linked to aluminum for its F-150 trucks. Looking ahead, Ford is targeting 2026 EBIT somewhere between $8 billion and $10 billion. (Reuters)
The U.S. International Trade Commission on Thursday kicked off a fact-finding investigation into the USMCA’s automotive rules of origin—the criteria that determine whether vehicles can cross borders duty-free. Those rules call for 75% North American content, plus extra requirements on major components. The commission will look at how these standards are affecting the U.S. economy, plans to hold a public hearing before the year wraps, and expects to deliver its findings by July 2027. (Reuters)
Stocks finished up Friday, with investors moving into tariff-exposed sectors and big tech. New data pointed to U.S. economic growth cooling more than forecast last quarter, and inflation ticked higher in December. The S&P 500 closed up 0.69%, the Nasdaq advanced 0.90%, and the Dow climbed 0.47%. (Reuters)
The legal battle now pivots to the issue of refunds and how the government plans to handle them. Economists at the Penn-Wharton Budget Model told Reuters that over $175 billion in U.S. tariff revenue could qualify for repayment. Kent Smetters, the group’s director, said the decision “clearly does open that door” for companies seeking refunds. Trump responded by replacing the overturned tariffs with a temporary 10% global import duty, set for 150 days, and kicked off new trade probes under different laws. (Reuters)
The court’s decision doesn’t guarantee cheaper costs—far from it. Replacement tariffs, if they remain or expand, could quickly erode any upside for manufacturers dependent on foreign parts. And there’s a price tag on another supply-chain overhaul.
U.S. markets are set to reopen Monday, Feb. 23. Ford investors will be looking for specifics on the administration’s replacement tariff plan, as well as any early signs about the refund process.
