The Supreme Court has thrown roughly $133 billion in tariff revenue into uncertainty, striking down a key legal basis for President Donald Trump’s sweeping import duties and opening the door for businesses to seek refunds, The Wall Street Journal writes.
The ruling targets tariffs imposed under the International Emergency Economic Powers Act, which accounted for the majority of duties collected in fiscal 2025. Customs had taken in about $202 billion in total fees this fiscal year—roughly 2.4 times the prior year—with IEEPA tariffs making up a significant share.
The court offered little guidance on whether or how companies would be repaid, likely setting up further litigation as hundreds of firms position to claw back funds.
Beyond the legal battle, the decision complicates federal budget math and trade strategy, raising fresh questions about executive authority, tariff durability and the reliability of tariff revenue as a fiscal tool.
The Wall Street Journal has the full story.
