Controversy Over Foreign Government Investments in Mexican Financial Institutions – IFLR

On February 20, 2026, the U.S. Supreme Court issued its long-anticipated decisions in Learning Resources, Inc. v. Trump, and the consolidated case Trump v. V.O.S. Selections, Inc., holding that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose broad-based tariffs.

The Supreme Court’s reversal of tariffs imposed pursuant to the International Emergency Economic Powers Act (IEEPA) has triggered a cascading series of events. These include a forced pivot by the Trump administration towards alternative tariff authorities, activity at the Court of International Trade (CIT) aimed at securing refunds, and behind-the-scenes jockeying by companies seeking to position themselves to claim those tariff refunds.

The structure works like this: a lead investor buys in at one valuation, and then a second tranche closes at a substantially higher number, often within weeks. Carta data shows 20 of these transactions in just the past six to twelve months, with frequency accelerating in the fourth quarter of 2025.[1] More are expected. In the AI era, patience is in short supply.