Recalibrating Washington: Tariffs, Shutdown Tensions, and Midterm Positioning

Information provided to members by OGR.

Each week, IPA members receive OGR’s “Big Picture,”  a concise, strategic overview of the policy and political dynamics shaping Washington. The February 23 edition captures a pivotal moment as Congress returns from recess to a compressed legislative week dominated by trade policy upheaval, a partial government shutdown, and the President’s State of the Union address.

At the forefront is the Supreme Court’s decision limiting the Administration’s ability to impose tariffs under IEEPA, triggering immediate changes to existing tariff structures and setting off a rapid pivot by the White House. The Administration has introduced a temporary global surcharge under Section 122 while accelerating investigations under Sections 232 and 301 to establish a more durable trade framework. The result is significant uncertainty for importers, global markets, and any sector sensitive to cross-border commerce.

Meanwhile, the Department of Homeland Security remains in a funding lapse, complicating the Senate’s schedule and delaying action on key legislative priorities. In the House, a shortened voting week, party retreats, and early midterm maneuvering are shaping the legislative outlook. Housing policy, energy measures, and reconciliation discussions are all in play, underscoring how political strategy and policy substance are increasingly intertwined as 2026 approaches.
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For payments companies and financial services providers, understanding these broader currents is essential. Trade authorities, executive actions, appropriations battles, and election-year positioning all influence regulatory priorities and economic conditions. IPA members receive the full OGR analysis each week, providing deeper context and actionable insight.

​To learn more about membership and access to these briefings, contact IPA or explore the benefits of joining.

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