Shanghai, Feb 21, 2026, 13:58 GMT+8 — Market’s done for the day.
- BYD (002594.SZ) ended Feb. 13 at 90.27 yuan, slipping 0.98% just before the mainland holiday pause. Shares in China start up again on Feb. 24. MarketWatch
- The U.S. Supreme Court shot down President Donald Trump’s sweeping “emergency” tariffs, tossing import-duty refunds back into legal limbo. AP News
- Importers and attorneys say the real challenge is what happens next: figuring out if, and how, those refunds will actually be delivered. Reuters
BYD’s Shenzhen-listed shares are set to react to the latest U.S. trade jolt—this time after the Supreme Court dismantled a key Trump-era tariff measure—once local markets reopen. Mainland exchanges remain on Spring Festival break; trading in both Shanghai and Shenzhen picks up again Feb. 24. STCN
The legal shift is a big deal for BYD. Its American subsidiaries have already turned to a U.S. trade court, pushing for refunds on duties they paid when the emergency tariffs hit. In their complaint, BYD’s U.S. arms claimed the law behind the tariffs didn’t authorize them in the first place. Their filing also pointed out that BYD doesn’t sell passenger cars in the U.S.—it’s focused on commercial vehicles there. Reuters
Trump wasted no time responding to the decision. He scrapped the overturned tariffs, rolled out a fresh 10% tariff on imports from every country, and made it clear he’s ready to use more levers against trading partners. “We’ll end up being in court for the next five years,” Trump said, bracing for a lengthy refund fight. Reuters
BYD ended at 90.27 yuan, slipping 0.89 yuan, with trades ranging from 89.88 up to 91.09 during the session, according to market data. The price hasn’t budged from that mark since the holiday break. AAStocks
Law firms are preparing for battles at the U.S. Court of International Trade, where refund cases keep piling up. “The next best time to file is today,” said Richard O’Neill of Neville Peterson, as lawyers brace for a spike in claims over customs revenue collected since April. Reuters
The decision doesn’t immediately put money back in anyone’s pocket. Legal grounds for the old duties may be gone, but exactly how – or if – companies get refunds is still up in the air. Meanwhile, the White House is already pivoting to new tariff options, leaving exporters and importers with U.S. supply chain exposure facing more questions than answers.
Jamieson Greer, the U.S. Trade Representative, told reporters that Washington is set to open several fresh Section 301 investigations—using the U.S. trade law that allows for punitive tariffs after determining unfair foreign practices. According to Greer, the Supreme Court ruling affects only a subset of tariffs that relied on IEEPA, while duties imposed under other statutes aren’t touched. Reuters
