Supreme Court Set to Rule on Trump’s IEEPA Tariffs With Potential $150 Billion in Refunds at Stake

Overview

• The Court could issue a decision today on whether the International Emergency Economic Powers Act permitted President Trump’s sweeping import duties.
• If the tariffs are struck down, importers may pursue roughly $150 billion in refunds, though the justices could instead send refund questions to the U.S. Court of International Trade.
• Procedural rules, including typical 314‑day liquidation windows for import entries, may limit which duties can be recovered even if refunds are allowed.
• U.S. Customs and Border Protection will shift all duty refunds to electronic distribution starting February 6, a move officials say should speed payments and reduce errors and fraud.
• Tariffs generated about $195 billion in fiscal 2025 with more expected in early 2026, and Treasury Secretary Scott Bessent says the government can rely on other authorities, including the Trade Act of 1962, to maintain revenues.