Overview
- U.S. Treasury Secretary Scott Bessent said the government could reconstitute tariff income under other statutory powers if the Court invalidates the IEEPA-based duties.
- Importers, customs brokers, and corporate legal teams are preparing refund filings that could reach roughly $150 billion, with CBP recording $133.5 billion collected from February through December.
- The Supreme Court is weighing whether the IEEPA, a 1977 law crafted for sanctions and financial blocks, permits broad tariffs without explicit congressional authorization after skeptical questioning in November.
- A federal appeals court ruled in August that the president lacked legal authority for sweeping tariffs but allowed them to remain in force pending the high court’s decision.
- There is no automatic refund mechanism if the tariffs are struck down, so companies expect lengthy administrative reviews and litigation to recover payments.