The Supreme Court is currently in the process of hearing oral arguments to decide the legality of President Trump’s tariffs on over 100 countries under the International Emergency Economic Powers Act (IEEPA). While conservatives hold a 6-3 majority in the court, experts say that the outcome will be a coin flip.
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Treasury Secretary Scott Bessent previously noted that a decision to overturn the tariffs during the summer of 2026 could result in a massive tariff refund of between $750 billion and $1 trillion, which is the expected total collection by then. The U.S. has collected approximately $90 billion in “reciprocal” tariff revenue so far this year.
Supreme Court Weighs Trump’s Tariff Authority
It’s not clear when the Supreme Court will issue a ruling in the case. However, lower federal courts ruled earlier this year that the IEEPA does not give Trump authority to impose sweeping tariffs, leading the Trump administration to file an appeal to the nation’s highest court.
“It will be, in my opinion, one of the most important and consequential Decisions ever made by the United States Supreme Court,” wrote Trump in a Truth Social post.
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