Nearly a year after President Donald Trump unilaterally imposed the steepest tariffs on American consumers in a century with his “Liberation Day” invocation of the International Emergency Economic Powers Act, the Supreme Court held that IEEPA does not authorize the president to impose tariffs and remanded for further proceedings. In a 6-3 ruling, the majority opinion, authored by Chief Justice John Roberts, decided that because “IEEPA contains no reference to tariffs or duties,” not even a national emergency justification gives the president the power to impose a tariff under the statute.

But although SCOTUS has barred Trump from enforcing his IEEPA tariffs in the future, it doesn’t mandate that the U.S. Treasury reimburse the total amount of revenue collected under the IEEPA tariffs. Economists at the Penn-Wharton Budget Model estimate that the total amount of IEEPA revenue collected since the start of Trump’s second term is $175 billion.

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