Overview
- The Supreme Court is weighing whether the International Emergency Economic Powers Act allows sweeping tariffs after justices voiced skepticism during arguments.
- President Trump said he has other ways to impose tariffs if the Court restricts use of IEEPA.
- Treasury Secretary Scott Bessent said a fallback could recreate the tariff structure using Sections 301, 232, and 122.
- Bessent cautioned that an adverse ruling could trigger "massive refunds" of tariff revenue to companies.
- Tax analyst Erica York said IEEPA-based duties account for roughly 70% to 75% of the recent tariff hikes and forecast any alternatives would be narrower.