Overview
- The Supreme Court could issue an opinion as early as Wednesday on whether the International Emergency Economic Powers Act permits the president’s broad tariff regime.
- President Trump said a loss could require paying back many hundreds of billions of dollars and, counting investment-related claims, potentially reach trillions.
- Treasury Secretary Scott Bessent said the government holds about $774 billion in cash and could fund refunds over weeks or months, calling them a corporate boondoggle.
- U.S. Customs data reported by news outlets indicate roughly $200 billion in tariff revenue last year tied largely to the contested program.
- Lower courts have ruled against most IEEPA-based tariffs, and several justices—including John Roberts, Neil Gorsuch, and Amy Coney Barrett—signaled skepticism during November arguments as companies like Costco, Kawasaki, Revlon, and Bumble Bee seek refunds.