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The U.S. Supreme Court ruled on Friday, February 20, that most of President Trump's global tariffs were illegal. The court said the levies he imposed on global trading partners were not authorized under the International Emergency Economic Powers Act (IEEPA).
While trading partners and American importers awaited clarity on what the ruling means for refunds and future tariffs, Trump said Friday that he was "disappointed" in the 6-3 ruling by the nation's highest court and "ashamed" of certain judges.
Vice President JD Vance called the ruling "lawlessness from the Court, plain and simple." Trump vowed to sign an order imposing a 10 percent global tariff under Section 122 of the Trade Act of 1974.
When asked if the United States will refund any of the tariff revenue, which totaled around $27.7 billion in January alone, Trump said it was not clear if refunds would be issued and that the matter will likely take years to litigate.
U.S. Treasury Secretary Scott Bessent said Friday, following the Supreme Court ruling, that the Treasury Department estimates that using alternative legal means to levy the tariffs will result in "virtually unchanged" tariff revenue in 2026.
The U.S. Supreme Court ruled on Friday, February 20, that most of President Trump's global tariffs were illegal. The court said the levies he imposed on global trading partners were not authorized under the International Emergency Economic Powers Act (IEEPA).
While trading partners and American importers awaited clarity on what the ruling means for refunds and future tariffs, Trump said Friday that he was "disappointed" in the 6-3 ruling by the nation's highest court and "ashamed" of certain judges.
Vice President JD Vance called the ruling "lawlessness from the Court, plain and simple." Trump vowed to sign an order imposing a 10 percent global tariff under Section 122 of the Trade Act of 1974.
When asked if the United States will refund any of the tariff revenue, which totaled around $27.7 billion in January alone, Trump said it was not clear if refunds would be issued and that the matter will likely take years to litigate.
U.S. Treasury Secretary Scott Bessent said Friday, following the Supreme Court ruling, that the Treasury Department estimates that using alternative legal means to levy the tariffs will result in "virtually unchanged" tariff revenue in 2026.