Following a ruling by the U.S. Supreme Court overturning President Trump's tariff surcharges, many American companies are preparing to seek reimbursement. The illegality of these measures, now confirmed, could cost the U.S. government tens of billions of dollars.

"The U.S. Supreme Court's decision to declare illegal the use of the 'International Emergency Economic Powers Act (IEEPA)' was expected. However, the broad majority (six votes to three) assembled within the institution to go in that direction was less so. Above all, the reasoning makes it clear that the president does not hold all powers, notably not the power to set taxes or tariffs, which falls under Congress's prerogative. For the first time, the Supreme Court is thus showing that there are limits to presidential power," reacted Sebastian Paris Horvitz, Head of Research at LBP AM.

"As a result, the IEEPA, adopted in 1977, can no longer be used by the president as a permanent threat against trading partners. Likewise, tariffs already put in place on the basis of this law are no longer valid. This should lead to the reimbursement of revenues collected by the federal government, estimated at more than $150bn. However, these reimbursements could take a long time," he added.

Following the cancellation of these taxes, new tariffs decided by Donald Trump officially came into force this Tuesday at a rate of 10%. While the current level remains below presidential promises, Bloomberg reports that the White House is already preparing an executive order to raise it soon to 15%.

Edenred and Forvia in form

On the corporate front, Edenred (+5.14%) is surging, posting one of the strongest gains in the SBF 120. Markets are cheering its 2025 free cash flow, which jumped 34% to €1.11bn, with a record conversion rate of 82%, well above the 70% target. The dividend rose 10% to €1.33. Exceptional cash generation is completely overshadowing the decline in EBITDA announced for 2026.

Meanwhile, Forvia (+5.73%) is also sharply higher in the same index, helped by a strong increase in net cash flow for fiscal 2025, contrasting with its heavy net loss. Above all, the automotive supplier's outlook appears to be reassuring investors. Its new IGNITE strategy aims to secure financial flexibility through rigorous deleveraging, "thereby creating the conditions for accelerated growth and sustainable net cash-flow generation in the medium term".

In Europe, Fresenius Medical Care is seeing heavy selling on the Frankfurt Stock Exchange (-6.20%) after presenting its annual results, but above all 2026 guidance that investors found somewhat underwhelming. For the current year, the German group specialising in dialysis and extracorporeal therapies is forecasting broadly stable revenue and flat operating profit, with a growth range of plus or minus 5% versus the previous year, at constant exchange rates.

Solvay (+3.95%) is rising after the chemicals group said it expects a decline in underlying EBITDA in 2026. It is projected to come in between €770m and €850m, versus €881m in 2025.

At around noon, the euro is down 0.04% at $1.1785.