Refunds, New Tariffs, And $2K Checks. Questions Swirl After Supreme Court Ruling.

Forbes Business

by Kelly Phillips Erb, Forbes Staff

February 20, 2026

AI-Generated Deep Dive Summary

The Supreme Court's recent ruling invalidating emergency tariffs under the International Emergency Economic Powers Act (IEEPA) has sparked confusion and intrigue among businesses, taxpayers, and trade experts. The decision has led to questions about what comes next, including whether new tariffs will replace the invalidated ones and how this shift impacts U.S. trade policy and economic stakeholders. While refunds for affected businesses are expected, the broader implications for taxpayers and consumers remain unclear. The ruling centers on the legality of tariffs imposed by former President Donald Trump in 2018, which targeted Chinese imports to address concerns over intellectual property theft and forced technology transfers. These tariffs were initially justified under IEEPA, but the Supreme Court has now determined that they exceeded the statute's authority. This decision marks a significant blow to the administration's trade policies and raises questions about how future tariffs will be implemented. One key issue is whether new tariffs can replace the invalidated ones. The ruling does not explicitly prohibit future tariffs but emphasizes that any new measures must adhere strictly to legal frameworks. This leaves businesses uncertain about the future of U.S. trade policy, particularly in relation to China, and whether additional tariffs could be introduced under different legal justifications. For businesses, the implications are multifaceted. Companies that previously paid additional costs due to these tariffs may now be eligible for refunds, which could provide some financial relief. However, the uncertainty surrounding future tariffs creates challenges for planning and operations, particularly for industries reliant on imports from China. The ruling also has broader economic implications. The rollback of tariffs could reduce prices for consumers and potentially ease inflationary pressures. However, critics argue that removing these tariffs may

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Originally published on Forbes Business on 2/20/2026