Overview

• Tariffs imposed under the International Emergency Economic Powers Act remain in force under a stay as the Supreme Court prepares to hear the case on November 5.
• The Federal Circuit, in a 7–4 decision, concluded that IEEPA does not authorize sweeping, revenue‑raising tariffs and emphasized that taxing authority requires clear congressional delegation.
• The administration reports about $158 billion collected from the duties, and Treasury Secretary Scott Bessent has warned that potential refunds could significantly strain the Treasury.
• Analysts highlight large stakes, with the Committee for a Responsible Federal Budget projecting up to $2.8 trillion in lost revenue through 2035 if the tariffs fall and Goldman Sachs estimating U.S. consumers bear up to 55% of tariff costs.
• Officials have indicated they could pivot to other statutes, including Sections 301 and 232, to pursue similar trade measures if the IEEPA rationale is rejected.