Overview

• A federal appeals court ruled most IEEPA‑based “reciprocal” tariffs unlawful and paused its judgment until Oct. 14 to allow an appeal.
• The administration has asked the Supreme Court to take the case on an accelerated schedule, seeking arguments in early November.
• Treasury Secretary Scott Bessent said on NBC that losing at the High Court would require refunds on about half the tariffs collected.
• Bessent warned that a delayed final ruling could mean $750 billion to $1 trillion in duties collected and later unwound, disrupting finances and markets.
• Treasury data show tariff receipts are already very large this year, with more than $31 billion in August and over $183 billion year‑to‑date, as officials also weigh fallback authorities such as Sections 232 and 301.