Trade Court Judge Says All Firms That Paid Illegal Trump IEEPA Tariffs Are Entitled to Refunds With Interest After Supreme Court Ruling
After the Supreme Court struck down President Trump’s IEEPA‑based global tariffs, U.S. Court of International Trade Judge Richard Eaton ruled that all importers who paid those now‑invalid duties are entitled to refunds with interest, centralized refund litigation in his court, and ordered U.S. Customs and Border Protection to begin a broad administrative refund process and remove IEEPA duties from pending imports. Government exposure is estimated between roughly $130 billion and $175 billion, CBP is building an electronic portal to process claims, and the administration has indicated it may appeal or seek delays even as appeals courts have declined to stay the refund process.
📌 Key Facts
- The Supreme Court, in a 6–3 decision authored by Chief Justice John Roberts (joined by Sotomayor, Kagan, Gorsuch, Barrett and Jackson), held that the 1977 International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose broad, open‑ended reciprocal tariffs — effectively voiding the IEEPA‑based “Liberation Day” tariff program; the majority did not provide a roadmap for refunds, and Justices Alito, Thomas and Kavanaugh dissented, warning about refund uncertainty.
- Customs and Treasury collections from the now‑invalidated IEEPA tariffs are large and variously estimated: core figures reported range from roughly $130 billion–$134 billion (mid‑December/ fiscal‑year snapshots) up to about $166 billion, while analysts and budget models put potential refund exposure in the approximate range of $120 billion–$175 billion; outside analysis estimated interest on refunds accruing at roughly $23 million per day.
- U.S. Court of International Trade Judge Richard Eaton ruled that all importers of record who paid the voided IEEPA duties are entitled to the benefit of the Supreme Court’s decision and may seek refunds with interest, centralized the refund litigation in his court (Eaton will hear the refund cases), and ordered U.S. Customs and Border Protection (CBP) to begin the refund process and remove those duties from pending imports; Eaton refused a DOJ stay request in open court.
- CBP told the trade court its current systems cannot immediately process a mass refund but said it will build a streamlined electronic process using existing importer portals (expected operational in roughly 45 days), affirmed in court filings that refunds will be issued with interest while seeking limited review to ensure no other duties/fees are owed; the government has signaled it may appeal or seek delays even as courts cleared the way to proceed.
- President Trump sharply condemned the Supreme Court ruling, attacked justices publicly, and announced a rapid policy pivot: he first signed a temporary 10% global surcharge and then raised it to the statutory 15% maximum under Section 122 of the Trade Act of 1974 (a move limited by law to 150 days unless Congress extends), while also saying the administration will pursue tariffs under other authorities (Section 301, Section 232, etc.); that pivot has already prompted legal challenges (including a suit by 24 states) and international concern (the EU paused ratification steps for a U.S.–EU deal pending clarification).
- Congressional and industry reactions have been swift and mixed: business groups and affected importers praised the rulings and pushed for prompt refunds, Senate and House Democrats introduced bills to require CBP to refund invalidated IEEPA duties within 90–180 days with interest, and many congressional Republicans privately welcomed the Court’s limitation on presidential tariff authority even as others signaled support for alternative tariff tools.
- Practical fallout and market response: trade lawyers and economists say the refund process will be administratively complex and likely favor larger firms (small businesses may face higher compliance/litigation costs), multiple studies and Fed research indicate most of the tariff burden was passed through to U.S. importers/consumers, markets showed modest initial moves after the ruling (mixed equity and commodity reactions), and hedge funds/secondary‑market players have begun buying importer refund claims at discounts.
📊 Relevant Data
In 2025, the US recorded a goods trade deficit of $178.2 billion with Vietnam, up from previous years due to increased imports.
U.S. International Trade in Goods and Services, December and Annual 2025 — Bureau of Economic Analysis
In 2025, the US had a goods trade deficit of $146.8 billion with Taiwan, reflecting increased imports in electronics and machinery.
U.S. International Trade in Goods and Services, December and Annual 2025 — Bureau of Economic Analysis
Industries most impacted by tariffs, such as manufacturing and construction, have workforces that are predominantly White (around 70-80% in exposed sectors), male (over 70%), and include higher shares of noncitizen workers compared to the national average.
Tariff costs impact industries with mostly White, male, and noncitizen workers — Washington Center for Equitable Growth
Black-owned businesses are disproportionately affected by tariffs, as they are less likely to benefit from exemptions and face higher relative costs, exacerbating economic disadvantages compared to White-owned firms.
The Republican Agenda's Triple Threat to Black Households' Economic Well-Being — Center on Budget and Policy Priorities
In a 2026 poll, 64% of Americans disapprove of Trump's handling of tariffs, with disapproval consistent across racial groups: 72% among African Americans, 65% among Hispanics, and 60% among Whites.
The U.S. public's view of Trump tariffs was negative at the start. Few if any minds have changed since — Progressive Policy Institute
📊 Analysis & Commentary (5)
Next stop: Mexico
"A Playbook column uses the House vote to rescind Trump’s Canada‑tariff emergency as a lens to argue Trump’s hold on the GOP is eroding, that Democrats will press symbolic tariff votes to shape the midterm narrative, but it acknowledges those votes are largely symbolic given veto and Senate realities while underscoring the enduring centrality of economic (affordability) issues."
Why it could be Groundhog Day at SCOTUS again
"A Politico Playbook commentary warns that pending Supreme Court rulings on Trump’s tariffs and on election law could upend the 2026 landscape but that the Court’s habit of delaying decisions leaves politicians, businesses and voters stuck in limbo — effectively a repeat of prior ‘Groundhog Day’ moments at SCOTUS."
The Supreme Court’s Tariff Ruling Shows Conservativism at Work
"The piece reads the Supreme Court’s decision striking down Trump’s IEEPA tariff program as a case study in conservative judicial restraint: a Roberts‑led majority reasserted statutory limits and separation of powers, producing major legal, economic, and political consequences while exposing tension between conservative jurisprudence and populist executive ambitions."
A Blow to Trump’s Favorite Political Weapon
"The piece argues that the Supreme Court’s IEEPA ruling undercuts President Trump’s preferred unilateral trade‑tool — emergency tariffs — both legally (reining in executive emergency powers) and politically (removing a quick, weaponizable lever), while warning the administration will seek awkward or costly workarounds with major economic and political fallout."
250th Anniversary of "The Wealth of Nations"
"Using Adam Smith’s 250th anniversary as a frame, the piece reads the Supreme Court/Trade Court rulings on Trump’s IEEPA tariffs as a vindication of free‑market economics and a rebuke to recent protectionist, executive‑led trade interventions."
📰 Source Timeline (82)
Follow how coverage of this story developed over time
March 06, 2026
7:54 PM
No lawsuits required: U.S. Customs is working on a system to refund tariffs
New information:
- CBP told the Court of International Trade its current computer systems cannot immediately process the volume of refunds and that it is building a streamlined electronic process expected to be operational within about 45 days.
- CBP plans to use the same electronic portal importers already rely on to track or correct customs filings, and says the new system will not require businesses to file individual lawsuits to obtain refunds.
- Judge Richard Eaton reiterated that "every single cent" of the unlawful duties must be returned with interest and ordered CBP to begin refunding immediately, with status updates back to the court.
- The government estimates it collected roughly $166 billion in now‑unconstitutional tariffs from more than 330,000 businesses, and DOJ had earlier assured courts that money could be refunded "with interest" if it lost.
March 05, 2026
11:39 PM
Clinton-appointed judge orders government to begin refunding $130B in Trump tariffs after SCOTUS ruling
New information:
- Fox article specifies that Judge Richard Eaton’s written order estimates about $130 billion in IEEPA tariffs to be refunded, a somewhat lower central figure than some prior estimates.
- The order directs U.S. Customs and Border Protection to calculate what each importer would have paid if Trump’s IEEPA tariffs had never applied, establishing the basic methodology for refunds.
- Eaton states that the Chief Judge has designated him as the only judge who will hear refund cases related to IEEPA duties, reaffirming his exclusive jurisdiction and aiming to avoid conflicting rulings.
- The Atmus Filtration, Inc. case is identified as the vehicle for this order and is described as involving tariffs Trump imposed on nearly every country under IEEPA.
- Justice Brett Kavanaugh’s dissent is highlighted for warning that refunding billions could be a 'mess' if importers passed costs on to consumers, while Eaton publicly disputes that the process will be chaotic.
- The Trump administration signaled in court that it is likely to appeal Eaton’s order to try to delay implementation.
- Eaton is scheduled to hold a closed‑door conference with the parties on Friday to further discuss how the refund process will work.
7:17 PM
24 states sue Trump administration over new global tariffs
New information:
- Twenty‑four states have filed a new lawsuit against the Trump administration over recently imposed global tariffs under Section 122 of the Trade Act of 1974, arguing Trump exceeded his authority.
- The challenged Section 122 tariffs are set at 10% on global imports, with Trump later saying he would raise them to 15%.
- The states are asking the U.S. Court of International Trade to declare the Section 122 tariffs illegal and to order the federal government to refund states for any costs incurred while the tariffs were in effect.
- Customs data cited in the article show the U.S. collected $287 billion in customs duties, taxes and fees in 2025, a 192% increase over the previous year.
- The piece ties this new lawsuit to the Supreme Court’s 6–3 decision last month striking down Trump’s IEEPA tariffs and notes that a federal appeals court on Monday declined to delay implementation of that ruling.
5:31 PM
Judge’s order makes clear that all companies that paid illegal Trump tariffs get refunds
New information:
- Eaton’s Wednesday order specifies that the benefit of the Supreme Court ruling applies to all companies that paid the unlawful tariffs, regardless of whether they’ve filed suit in the Court of International Trade.
- The administration has now acknowledged in court filings that interest must be paid on tariff refunds, with outside analysis estimating tariff‑related interest accrues at around $23 million per day.
- The chief judge of the CIT has signaled that Eaton will be the only judge handling the refund question, effectively centralizing all key decisions regarding scope and implementation.
- Eaton refused a Justice Department request to stay his ruling while it appeals, pressing DOJ in open court that the Supreme Court already dictated its legal position on refunds.
10:05 AM
Wall Street is betting on tariff refunds after Supreme Court ruling
New information:
- NPR reports that hedge funds are actively buying importers’ IEEPA tariff-refund claims at discounts averaging about 45 cents on the dollar, up from roughly 40 cents immediately after the Supreme Court ruling and about double pre‑ruling levels.
- Wes Harrell of Seaport Global says he has already seen 'a couple of hundred million dollars' worth of these trades executed, with inquiries approaching roughly $1 billion in potential future deals.
- Sen. Ed Markey and other Democrats have written to Trump administration officials accusing 'investment banks' of 'profiteering from the delay' in refunds, calling for an investigation into these trades and proposing legislation to force the government to stand up a refund-processing system.
- Business adviser Eric Danner of CohnReznick describes a split among companies: those needing immediate liquidity may sell their claims, while cash‑rich firms or those that passed tariffs on to customers may hold out for full refunds to later repay their buyers.
3:20 AM
Trade court orders Trump administration to kickstart tariff refund process
New information:
- Judge Richard Eaton has now issued an order directing U.S. Customs and Border Protection to start the refund process for IEEPA tariffs and to remove those duties from pending imports where companies have already paid.
- Eaton stated on the record that the goal is to work out a method for importers to claim duties that were unlawfully applied, signaling a broad administrative mechanism rather than case‑by‑case litigation only.
- The order explicitly states that all importers who were subject to IEEPA duties are entitled to the benefit of the Supreme Court ruling, reinforcing that even firms that do not sue should be reimbursed.
- A top CBP official, Brandon Lord, told the court CBP will issue the refunds with interest but wants a review period to ensure no other customs laws are violated and no other duties, taxes, or fees are owed.
- A federal appeals court earlier in the week denied the Trump administration’s request to delay the refunds for 90 days, clearing the way for the Court of International Trade to move ahead now.
March 04, 2026
11:46 PM
Companies are entitled to Trump tariff refunds, trade court rules
New information:
- Identifies Atmus Filtration, a Nashville-based manufacturer, as the specific plaintiff in the lead case where Judge Eaton ruled importers are entitled to refunds.
- Reports that Eaton has formally stated he alone 'will hear cases pertaining to the refund of IEEPA tariffs,' underscoring centralization of all refund litigation in his courtroom.
- Quotes trade lawyer Ryan Majerus expecting the government to appeal or seek a stay to buy more time for Customs, highlighting likely next legal steps.
- Quotes trade lawyer Alexis Early noting CBP’s systems were 'not designed for a mass refund' and that 'the devil will be in the details' of the administrative process.
- Reinforces scale estimates that government exposure could run as high as $175 billion versus the $134 billion collected, and notes a small‑business coalition 'We Pay the Tariffs' cheering the ruling.
- Notes FedEx has pledged to refund customers and shippers if it recovers the unlawful IEEPA tariffs it paid.
10:34 PM
Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court
New information:
- Judge Richard Eaton of the U.S. Court of International Trade ruled that 'all importers of record' who paid the now‑void Trump IEEPA tariffs are entitled to benefit from the Supreme Court decision and seek refunds.
- Eaton ordered that he alone will hear cases pertaining to the refund of IEEPA duties, effectively centralizing the refund litigation in his court.
- The ruling arose in a specific case brought by Atmus Filtration of Nashville, Tennessee, and follows a March 2 Federal Circuit order sending the refund phase back to the New York trade court.
- The article reiterates that Customs and Border Protection must now devise a mechanism for what trade lawyers describe as an unprecedented 'mass refund,' with systems built for individual error corrections rather than tens of billions in repayments.
March 02, 2026
6:39 PM
Federal appeals court rejects DOJ's push to delay start of tariff refund process
New information:
- The Federal Circuit formally declined DOJ’s request for a 90‑day stay of its mandate in the IEEPA tariff case, despite the administration’s argument that Congress and the White House needed time to examine options.
- The court’s refusal clears the way for the Court of International Trade to work out how refunds will be paid to successful challengers of Trump’s global tariffs.
- Attorneys for the business plaintiffs stressed in briefing that Customs has long experience processing tariff refunds and that officials had already acknowledged the likelihood of refunds, including interest, if the tariffs were invalidated.
- Neal Katyal, representing some of the small‑business challengers, said they will now move 'immediately' to secure money owed.
February 25, 2026
11:36 PM
Legal experts react to Trump’s SCOTUS clash and tariff pivot in fiery SOTU
New information:
- Details Trump’s SOTU reaction to the 6–3 Supreme Court ruling: he labeled the decision 'unfortunate' but struck a more measured tone than in his earlier 'ashamed'/'incompetent' attacks on the Court.
- Clarifies that Trump publicly tied his response to the Court defeat to the new 10% Section 122 tariffs, claiming countries are 'paying us hundreds of billions of dollars' and will stick with prior deals to avoid a 'far worse' outcome.
- Notes that at the SOTU four justices (Roberts, Kagan, Barrett and at least one other) who ruled against him were present in the chamber.
- Cites legal/economic expert Gita Gopinath arguing that the statutory predicates for Section 122 — serious balance‑of‑payments or international payments problems — do not fit current U.S. conditions, hinting at fresh legal vulnerabilities for the new tariffs.
7:04 PM
Trump trims some tariffs after Supreme Court loss but keeps trade fight alive
New information:
- Trump has signed and published in the Federal Register an executive order that formally terminates tariffs imposed under emergency powers in response to the Supreme Court’s IEEPA ruling, while preserving other trade duties and a temporary import surcharge.
- The administration is explicitly characterizing this as a 'recalibration' rather than a retreat and reiterating that Trump will rely on alternative statutory authorities to keep tariffs in place.
- Fox quantifies current tariff collections at $30.4 billion in January 2026 (a 275% year‑over‑year increase) and $134.8 billion so far this fiscal year, figures Trump cites to argue tariffs have raised 'hundreds of billions' for the U.S.
- The article directly ties Trump’s SOTU rhetoric about 'very unfortunate' Supreme Court ruling and his claim that countries are now 'paying us hundreds of billions' to these revenue numbers, framing his political response to the Court’s 6–3 decision.
February 23, 2026
10:38 PM
EU pauses U.S. trade deal as it seeks clarity over Trump's new 15% global tariffs
New information:
- The European Parliament’s trade committee has postponed a ratification vote on the summer U.S.–EU trade deal until the EU gets clarity on how Trump’s new 15% global tariff interacts with the agreement.
- EU officials say the deal capped most tariffs on European imports at 15% while eliminating tariffs on many U.S. industrial goods; applying a new flat 15% 'on top' would breach that agreed ceiling.
- European Commission spokesman Olof Gill stated the EU position as 'a deal is a deal' and said it is now up to Washington to show how it will honor the agreement.
- The article notes that other bilateral deals Trump struck with countries like Brazil, the U.K., India and Vietnam were negotiated under the now‑invalidated IEEPA‑based tariff threat, raising questions but no immediate move to reopen them.
- USTR Jamison Greer told CBS that partners were warned Trump would pursue tariffs regardless of the Supreme Court ruling and that the administration expects all bilateral deals to stand.
- The 15% global tariff is limited by law to 150 days under Section 122 unless Congress extends it, giving Trump a window to search for alternative legal bases.
10:29 PM
Trump's Section 122 tariffs could spur new legal battle, experts say
New information:
- Confirms the administration is invoking Section 122 of the 1974 Trade Act to impose the 15% global tariff after the Supreme Court struck down Trump’s IEEPA-based tariffs.
- Notes that using Section 122 in this way is unprecedented; no prior president has used it to impose broad global tariffs, making the move vulnerable to legal challenge.
- Explains that Section 122 is meant for 'large and serious balance-of-payments deficits,' which economists say is distinct from the U.S. trade deficit Trump cites, raising questions about statutory fit.
- Details that Section 122 tariffs can last only 150 days (expiring July 24) unless Congress votes to extend them, and that lawmakers can add another 150 days only with an affirmative vote.
- Reports Capital Economics’ estimate that the new measure lifts the average effective tariff rate to about 14.5%, accounting for exemptions under USMCA and existing sectoral tariffs.
- Quotes trade lawyers suggesting the White House sees Section 122 as a stopgap to quickly restore tariff levels while it searches for longer-lasting legal hooks under other trade laws.
10:07 PM
Stocks drop after Trump ramps up new tariffs and investors dump potential AI losers
New information:
- U.S. stock indexes dropped Monday after Trump raised temporary global tariffs to 15%: S&P 500 down 1%, Dow down 821 points (1.7%), Nasdaq down 1.1%.
- Investors sold off companies seen as vulnerable to AI competition, with CrowdStrike plunging 9.8% (down 25.3% year‑to‑date), AppLovin down 9.1% (43.5% YTD loss), and Blue Owl Capital down 3.4% (30.1% YTD loss).
- Anthropic’s new AI tool that scans codebases for security vulnerabilities and suggests software patches is specifically cited as pressuring cybersecurity stocks.
- South Korea’s trade minister Kim Jung‑kwan publicly warned that uncertainty may worsen if the Trump administration keeps imposing new tariffs under alternative laws.
- Gold prices continued rising as a perceived safe haven; the U.S. dollar edged lower, and bitcoin briefly dropped below $64,000.
- Analysts like Chris Larkin note that the Supreme Court ruling did not end the tariff saga but 'opened a new chapter,' reinforcing expectations of prolonged uncertainty.
8:51 PM
Tariffs pose "huge uncertainty" after Supreme Court ruling, experts say
New information:
- Experts like CSIS’s William Reinsch describe "huge uncertainty" for companies that now do not know what tariff rate they will face or for how long.
- CBS details that Trump first set a temporary 10% global tariff immediately after the ruling and then raised it to 15% the following day under Section 122 of the Trade Act of 1974.
- The article notes that Section 122 tariffs can only run 150 days without a congressional extension, after which Congress would have to act to keep them in place.
- A senior European Parliament lawmaker, Bernd Lange, says he will propose pausing ratification of a new EU‑U.S. trade agreement, calling the situation "pure tariff chaos" and citing "growing uncertainty" for EU partners.
- India, which had agreed this month to an 18% tariff rate in an interim deal with the U.S., has postponed a trade visit to Washington aimed at finalizing that agreement, according to CNBC.
- U.S. Trade Representative Jamieson Greer tells CBS the administration intends to stand by existing trade deals and claims partners have not yet declared those deals off, but acknowledges they are "watching how this plays out."
8:48 PM
Latest on Trump's plan to raise global tariffs to 15% after Supreme Court ruling
New information:
- CBS segment reiterates that President Trump has publicly stated he will raise global tariffs to 15% following the Supreme Court ruling striking down his earlier IEEPA-based tariff program.
- The piece attributes the update to on‑camera comments Trump made on Saturday, but adds no new policy mechanics beyond what is already reported in the existing story.
8:29 PM
Trump threatens countries on tariffs, says he doesn’t need Congress to approve them
New information:
- Trump posted that 'As President, I do not have to go back to Congress to get approval of Tariffs,' claiming authority has 'already been gotten' and was 'reaffirmed' by the Supreme Court despite the Court having just limited his IEEPA power.
- He threatened that any country that 'wants to play games' with the Supreme Court decision would be hit with a 'much higher Tariff, and worse, than that which they just recently agreed to,' telling them 'BUYER BEWARE!!!'
- The piece clarifies that Section 122 tariffs can only stay in force for 150 days without an extension from Congress.
- Economist Justin Wolfers is quoted saying a tariff that expires in 150 days offers little leverage and is too short to drive onshoring of manufacturing.
- The article reports that Senate Democrats introduced a bill Monday directing Customs and Border Protection to issue refunds for the IEEPA tariffs to individuals and small businesses within 180 days and to pay interest; House Democrats filed a similar bill.
- Senate Minority Leader Chuck Schumer vowed Democrats will block any attempt to extend the 15% global tariff beyond the 150‑day window, calling it part of Trump’s 'economic carnage.'
6:27 PM
Dow slides nearly 800 points as AI and tariff risks rattle investors
New information:
- Dow fell 794 points (1.6%), S&P 500 1.1%, and Nasdaq 1.3% in midday trading as investors digested Trump’s move to raise global tariffs to 15% and AI‑sector concerns.
- Trump publicly increased his planned global tariff from 10% to 15% over the weekend, after the Supreme Court struck down his earlier IEEPA-based tariff regime.
- The administration is now invoking Section 122 of the Trade Act of 1974 for the new global tariffs, which are scheduled to take effect starting February 24.
- Analysts quoted say AI, once a driver of market gains, is now being viewed as "increasingly a net negative" for equities, particularly software and other tech names.
- Strategists like Angelo Kourkafas argue the new tariffs will add uncertainty but are unlikely to meaningfully affect overall U.S. economic activity, advising investors not to overreact to headlines.
3:01 PM
Democrats push for tariff refunds, daring vulnerable GOP lawmakers to join them
New information:
- Senate Democrats Ron Wyden, Ed Markey and Jeanne Shaheen have introduced a bill directing CBP to refund all invalidated IEEPA tariffs within 180 days of enactment, prioritizing small businesses.
- House Democrats Steven Horsford and Janelle Bynum introduced a companion bill requiring CBP to issue refunds within 90 days and stating importers should not have to file formal refund applications.
- Wyden explicitly labels Trump’s IEEPA tariff regime an 'illegal tax scheme' that has 'done lasting damage,' while Trump publicly says reimbursements are 'not discussed' in the Supreme Court decision and predicts years of court fights.
- One model cited in the article estimates roughly $175 billion in tariff revenue may be eligible for refunds, and Democrats are signaling they may use discharge petitions to force House votes.
- The House bill’s sponsors frame refunds as a matter of basic legality — 'When the government takes money without proper authority, it doesn’t get to keep it' — and Democrats are openly daring vulnerable Republicans to side with or against rapid refunds heading into the midterms.
12:30 PM
Trump to raise global tariffs. And, most say the state of the union is weak, poll says
New information:
- NPR reports Trump has now publicly announced he will raise global tariffs from 10% to 15% using sections of the Trade Act of 1974, one day after the Supreme Court killed his IEEPA‑based program.
- New detail that some tariffs under the Trade Act authority can last only 150 days without explicit congressional action, while others require lengthy investigations before becoming permanent.
- Reporting that congressional Republicans are reluctant to vote on new tariffs and that a vote would force them to own a policy many voters blame for higher prices, undercutting the 'Court took this off our backs' political upside they briefly enjoyed.
- Context from Shanghai: Chinese firms that trade with the U.S. see the Supreme Court ruling as a modest positive and view Trump’s weakened legal position as reducing his leverage going into an upcoming China visit.
11:40 AM
Lawyer in SCOTUS case against Trump's tariffs says his clients want a refund
New information:
- Plaintiffs’ counsel Neal Katyal says his clients intend to seek refunds of tariffs collected under Trump’s now‑invalid IEEPA program.
- Katyal articulates the core constitutional principle at issue: that under the U.S. Constitution it is Congress, not the president acting alone, that has tariff‑setting authority.
- He publicly frames the legal position that when the Court finds the collections illegal, the government should have to return the money — rejecting any 'finders keepers' approach.
10:00 AM
Thomas rips Supreme Court tariffs ruling, says majority 'errs' on Constitution
New information:
- Justice Clarence Thomas filed a separate dissent, joining Justice Brett Kavanaugh’s main dissent but elaborating his own view that the majority misreads both IEEPA and the Constitution’s separation of powers.
- Thomas argues that Congress’s grant of authority to 'regulate ... importation' has historically been understood to include imposing duties on imports, and thus covers Trump’s tariff actions.
- He contends the nondelegation doctrine does not bar Congress from delegating foreign‑trade rules such as tariffs, reserving it only for 'core' legislative powers involving deprivations of life, liberty, or property.
- Thomas cites President Nixon’s 1971 10% import surcharge and the 1975 decision in United States v. Yoshida International — under IEEPA’s predecessor, the Trading with the Enemy Act — as precedent that similar across‑the‑board import surcharges were upheld under nearly identical 'regulate importation' language.
- He explicitly says that to the extent the Court relies on 'separation of powers principles' to strike down Trump’s tariffs, 'it is mistaken'.
3:42 AM
US futures fall while Asian markets are mostly higher after the Supreme Court nixes Trump's tariffs
New information:
- Confirms that the Supreme Court has now issued its decision and has 'struck down most of President Donald Trump’s sweeping tariffs' that had roiled markets the prior year.
- Details immediate market reaction: S&P 500, Dow and Nasdaq all closed higher Friday after initial volatility; by Monday Asian markets mostly rose while U.S. equity futures fell 0.6–0.8%.
- Quotes Trump saying the ruling is 'terrible' and that 'we have tariffs, we just have them in a different way,' vowing to sign an executive order for a 10% global tariff, later raised to 15%, under a statute that caps such tariffs for 150 days.
- Notes that traders see U.S. tariff policy as an ongoing source of uncertainty and that shifts are producing 'winners and losers' across countries, per Rabobank commentary.
- Adds that discouraging data on slowing U.S. growth and faster inflation briefly weighed on stocks but did not significantly alter market expectations for at least two Fed rate cuts this year.
February 22, 2026
5:40 PM
Greer says White House expects to "stand by" trade deals after SCOTUS ruling
New information:
- Jamieson Greer says the White House expects to 'stand by' existing trade deals despite the Supreme Court striking down Trump’s IEEPA‑based global tariffs.
- Greer specifies that tariffs will now rely on Section 122 national‑security authority (capped at 15% and 150 days without congressional extension) and Section 301 unfair‑trade statutes, acknowledging reduced 'flexibility' compared with IEEPA.
- He says the administration will use the Section 122 window to launch investigations that can justify longer‑term tariffs under other laws, arguing Congress has 'already pre‑approved' those avenues.
- ECB President Christine Lagarde, in a separate 'Face the Nation' segment, warns the administration’s response 'shakes the whole equilibrium,' could disrupt business planning, and that tariff costs will increasingly be passed through to consumers.
February 21, 2026
11:08 PM
Trump pulls endorsement from GOP lawmaker over alleged lack of support for administration's tariff agenda
New information:
- Trump has withdrawn his endorsement of Rep. Jeff Hurd (R‑Colo.) and endorsed Hope Scheppelman in Colorado’s 3rd District, explicitly citing Hurd’s lack of support for his tariff agenda.
- Hurd publicly welcomed the Supreme Court’s ruling narrowing Trump’s IEEPA tariff powers and emphasized that Article I gives Congress, not the president, authority over tariffs and foreign commerce.
- Trump describes Hurd as a 'RINO' who has 'let me and our Country down,' claiming Hurd is 'more interested in protecting foreign countries' than the U.S., and notes he has only previously revoked one endorsement (Mo Brooks).
6:57 PM
Trump to raise global tariffs to 15%
New information:
- Trump announced on Feb. 21, 2026 that he is raising the global tariff he imposed Friday night from 10% to 15%, effective immediately.
- The White House proclamation signed Friday night set a temporary 10% tariff on most imports worldwide for up to 150 days, citing Section 122 of the Trade Act of 1974, and exempted certain Canadian and Mexican goods plus specific agricultural products such as beef, tomatoes and oranges.
- Trump framed the 15% hike as a direct response to the Supreme Court’s Feb. 20 ruling striking down his emergency‑powers (IEEPA) tariff scheme and called the decision 'ridiculous, poorly written, and extraordinarily anti‑American.'
- He signaled that over the 'next short number of months' his administration will define 'new and legally permissible' tariffs under surviving trade authorities, keeping tariffs central to his economic agenda despite the legal setback.
6:09 PM
Trump reveals his 'new hero' Supreme Court justice after tariffs ruling
New information:
- Trump posted on Truth Social that Justice Brett Kavanaugh is his 'new hero' and also praised Justices Clarence Thomas and Samuel Alito, explicitly tying them to 'MAKE AMERICA GREAT AGAIN.'
- The article quotes Kavanaugh’s dissent more fully, including his example that under the majority’s reading a president could block all imports from China but not impose even a $1 tariff, which he calls 'illogical.'
- Kavanaugh warns the ruling may require the U.S. to refund 'billions of dollars' in IEEPA tariffs to importers and says the refund process is likely to be a 'mess,' potentially creating major interim uncertainty for existing trade deals.
- The piece reiterates that Trump quickly responded to the ruling by raising his new global tariff from 10% to 15% under Section 122 of the Trade Act of 1974.
5:46 PM
President Trump increases global tariffs to 15% after Supreme Court decision
New information:
- Confirms that Trump has now explicitly said he will raise the Section 122 global tariff rate from 10% to 15% in a social-media post, after initially setting it at 10% in the new executive order.
- Reiterates that the Section 122 tariffs are legally limited to 150 days unless extended by Congress, framing the 15% as a temporary but immediate hike.
- Details Trump’s unusually personal public attacks on Supreme Court Justices Neil Gorsuch and Amy Coney Barrett—both his appointees—as an 'embarrassment to their families' after they joined Chief Justice John Roberts’ 6–3 majority against him.
- Adds Trump’s praise of Justice Brett Kavanaugh’s 63‑page dissent and of Justices Clarence Thomas and Samuel Alito, explicitly tying their dissent to 'MAKE AMERICA GREAT AGAIN.'
- Underscores that the White House has not yet clarified exactly when a revised order implementing the higher 15% rate will be signed, even though the 10% was slated to start Feb. 24.
5:13 PM
Trump hikes global tariff even higher — to 15% after Supreme Court ruling
New information:
- Clarifies that Trump first signed a Section 122 order at 10% on Friday evening, then raised it to the statutory 15% maximum via Truth Social on Saturday.
- Details Trump’s extended Truth Social explanation framing the Supreme Court decision as 'ridiculous, poorly written, and extraordinarily anti-American' and claiming, without evidence, that the court was 'swayed by foreign interests.'
- Reports specific praise and criticism of individual justices: Trump singles out Gorsuch and Barrett, his own appointees, as voting against Republicans and lauds Kavanaugh, Thomas and Alito as aligned with 'MAKE AMERICA GREAT AGAIN.'
- Reiterates that the Section 122 tariffs are automatically limited to 150 days unless Congress votes to extend them.
5:10 PM
Trump raises global tariff to 15%
New information:
- Trump used a Truth Social post on Saturday to announce he is 'effective immediately' raising his 10% worldwide tariff to the 'fully allowed, and legally tested, 15% level.'
- He framed the move explicitly as a response to what he called the Supreme Court’s 'ridiculous, poorly written, and extraordinarily anti-American decision' on his emergency tariffs.
- The Fox piece confirms the political tone and language Trump is using to attack the Court while pivoting to Section 122, but does not yet add implementation details beyond the announcement itself.
4:41 PM
Trump says he will raise global tariffs to 15% after Supreme Court decision
New information:
- Trump has now explicitly ordered the "Worldwide Tariff" rate raised from 10% to 15% effective immediately, the legal maximum under Section 122 of the Trade Act of 1974.
- CBS specifies that Friday’s 10% tariffs and Saturday’s 15% hike are being imposed under Section 122, not IEEPA, and can legally run only 150 days for "large and serious" balance‑of‑payments problems.
- The article reiterates that the Supreme Court’s ruling only bars use of IEEPA for tariffs and does not affect Trump’s existing steel, aluminum and auto tariffs imposed under other statutes.
- Trump publicly characterizes the Supreme Court IEEPA ruling as "ridiculous, poorly written, and extraordinarily anti-American" in his Truth Social post announcing the 15% rate.
4:31 PM
Trump raises global tariffs to 15% one day after Supreme Court decision
New information:
- Axios confirms Trump has already decided to move the Section 122 global tariff from 10% to the statutory maximum 15%, not just signaled he might.
- The article quotes Trump saying on Truth Social that the rate will be the 'fully allowed, and legally tested, 15% level,' explicitly tying it to Section 122’s cap.
- It reiterates that Section 122 legally allows tariffs of up to 15% for up to 150 days to address 'large and serious' balance of payments issues, after which Congress must act for them to continue.
- Trump signals additional, more tailored tariff measures will follow, saying his administration will 'determine and issue the new and legally permissible Tariffs' over the 'next short number of months.'
10:10 AM
Uncertainty in Europe After Trump’s Supreme Court Tariff Loss
New information:
- European officials broadly welcomed the Supreme Court ruling but see it as the start of a new period of trade uncertainty rather than a clear de‑escalation.
- European leaders worry that renewed tariff turmoil will divert political bandwidth from other priorities, notably securing support for Ukraine and responding to Chinese trade practices.
- The article underscores that many trade experts expect last year’s EU–Trump trade deal to survive because the administration has alternative legal tools for tariffs, including the already‑invoked 10% temporary across‑the‑board tariff, but notes lingering questions over whether previously collected duties will be refunded and how any longer‑term tariff regime will be structured.
6:18 AM
After the Supreme Court's ruling on tariffs, companies line up for refunds
New information:
- U.S. Customs and Border Protection has already collected $133 billion under the now‑invalidated IEEPA tariff program as of mid‑December.
- Trade lawyers say importers are likely to receive refunds eventually, but the process will be 'bumpy' and could take 12–18 months.
- Justice Brett Kavanaugh’s dissent explicitly criticizes the Court for saying nothing about refunds and predicts the process will be a 'mess.'
- The refund process is expected to be worked out among CBP, the Court of International Trade in New York, and other lower courts, potentially leading to years of litigation.
- Economists and TD Securities estimate that while ending the IEEPA tariffs may modestly ease inflation, the macro impact will be limited and refunds will primarily go to companies, not consumers who paid higher prices.
- Trump publicly acknowledged the likelihood of years of litigation over refunds, saying 'we'll end up being in court for the next five years.'
5:19 AM
Murky outlook for businesses after tariff ruling prompts countermoves by Trump
New information:
- ABC piece details business‑side fallout and uncertainty from the ruling, quoting Oxford Economics’ Michael Pearce on how any short‑term relief will be offset as Trump rebuilds tariffs via other authorities.
- It reports Trump’s pledge to use a different law to impose a new 10% tariff on all imports for 150 days and to explore additional country‑specific tariffs aimed at 'unfair' practices.
- The article underscores that efforts to claw back $133–$175 billion of now‑illegal tariffs will be complex and likely to benefit large firms with resources, with consumers unlikely to see direct refunds.
- Concrete business examples: Basic Fun joined a suit to recover past duties; a New York wine importer is unsure whether near‑term shipments will be hit by the new 10% tariff; a Michigan coffee roaster describes years of price hikes and retaliatory Canadian tariffs as a 'nightmare' and doubts he’ll ever see refunds.
- The Business Roundtable and other industry groups use the ruling to publicly press Trump to narrow future tariffs to specific unfair trade practices and national‑security issues rather than sweeping levies.
5:10 AM
The Supreme Court struck down Trump's tariffs. Now comes the hard work of issuing refunds
New information:
- Confirms CBP has collected roughly $133 billion in IEEPA tariffs as of mid‑December and that the Court’s ruling leaves the fate of that money unresolved.
- Details that importers have already begun lining up for refunds and that trade lawyers expect some form of refund process, likely routed through CBP, the Court of International Trade and other lower courts.
- Quotes trade lawyer Joyce Adetutu saying it will be 'really difficult not to have some sort of refund option' given how decisive the ruling was against Trump’s use of IEEPA.
- Highlights Justice Brett Kavanaugh’s dissent explicitly faulting the majority for saying 'nothing' about refunds and predicting the process will be a 'mess.'
- Reports Trump’s public reaction that the issue will be litigated for 'the next five years' and that he is 'absolutely ashamed' of some justices who voted against his tariffs.
- Notes economists expect only modest macro effects from ending the IEEPA tariffs and any eventual refunds, since other tariffs remain and Trump is already moving to replace them with different legal tools.
- Provides an estimated 12–18 month timeline from TD Securities for refunds to actually reach importers, if and when a mechanism is agreed.
12:12 AM
Trump says he signed order imposing 10% global tariffs, hours after SCOTUS ruling
New information:
- Trump posted on Truth Social late Friday that he has 'just signed' a 'Global 10% Tariff on all Countries' from the Oval Office and that it will be 'effective almost immediately.'
- The article confirms the White House intends to invoke Section 122 of the Trade Act of 1974, which allows up to 15% tariffs to address 'large and serious' balance-of-payments problems, with a 150-day limit unless Congress extends.
- The new order text has not yet been released, so operational details and exact effective date remain unknown.
February 20, 2026
11:55 PM
Why the Supreme Court ruled against Trump's tariffs
New information:
- PBS segment confirms the core framing: a 6–3 decision holding Trump lacked authority under an economic emergency statute for his tariff program.
- Clarifies that Trump’s immediate stated response is to impose a 10% global tariff under a different law, which aligns with but does not materially expand on what we already have.
- Adds expert color via SCOTUS analyst Amy Howe on legal reasoning and scope (interview, not yet fully detailed in the short text).
11:24 PM
Supreme Court tariffs decision marks major defeat for Trump
New information:
- CBS segment emphasizes that President Trump publicly said he will implement a 10% global tariff after the Court struck down most of the tariffs he imposed last year, framing it as his chosen workaround.
- The piece underscores that the decision is being treated within the Trump camp and much of the press as a major defeat for the president’s emergency‑tariff strategy.
- Panel discussion highlights that Trump intends to pivot quickly to alternative legal theories for tariffs rather than backing off his broader protectionist agenda.
11:10 PM
Kavanaugh rips Supreme Court majority's ‘illogical’ line on tariffs
New information:
- Justice Brett Kavanaugh’s dissent argues that IEEPA’s authorization to 'regulate importation' logically encompasses tariffs because the statute already permits quotas and embargoes, which he calls more extreme measures.
- Kavanaugh invokes the Court’s 2022 decision upholding Biden’s vaccine mandate for health‑care workers to argue that statutes need not spell out specific tools (like tariffs) if they broadly authorize regulation.
- He criticizes the majority’s line as allowing a president to block all imports from a country like China while barring even a $1 tariff, calling that distinction unsupported by IEEPA’s text.
- Kavanaugh concurs with Solicitor General John Sauer’s position that tariffs are primarily regulatory tools, even if they have an 'incidental and collateral' revenue effect.
- The dissent explicitly maps out other statutory authorities Trump could now use for tariffs, with Kavanaugh saying the majority has effectively concluded Trump 'checked the wrong statutory box.'
- Trump publicly praises Kavanaugh’s dissent, calling him a 'genius' with 'great ability' and saying he is 'very proud' of the appointment, underscoring the political alignment around the dissent.
11:00 PM
Where Trump's tariffs stand after Supreme Court ruling
New information:
- CBS segment emphasizes that Trump explicitly said he will turn to 'other laws' to continue his tariff agenda after the IEEPA loss.
- Clarifies that the decision is being framed by the White House not as an end to tariffs but as a prompt to re‑route them through alternative legal authorities.
- Adds on‑camera reaction and framing from CBS legal correspondent Jan Crawford, underscoring how sharply the Court limited IEEPA-based emergency tariffs.
10:40 PM
Will Americans get refunds after Trump's tariffs were overturned by the Supreme Court?
New information:
- Economists at the Penn Wharton Budget Model estimate businesses could be owed up to $165 billion in refunds for IEEPA‑based tariffs the Court struck down.
- Experts note there is currently no legal or administrative mechanism for companies to automatically receive refunds or even apply for them, meaning claims will have to be litigated case‑by‑case.
- Treasury Secretary Scott Bessen publicly said whether refunds are owed is 'in dispute' and will now go back to the Court of International Trade, warning the process could take 'weeks, months, years.'
- President Trump declined to commit to refunds, saying the question was not addressed in the Supreme Court opinion and predicting 'it has to get litigated for the next two years.'
- The article specifies that the invalidated IEEPA country‑based tariffs represented roughly 60% of monthly U.S. tariff revenue and that the administration plans to replace them with a new 10% global tariff under Trade Act Section 122 and expanded Section 301 tariffs.
10:29 PM
Trump lashes out at his own Supreme Court picks over tariff ruling
New information:
- Trump publicly said he is 'ashamed of certain members of the court' and called the 6–3 decision 'an embarrassment to their families.'
- He singled out Chief Justice John Roberts and his own appointees Neil Gorsuch and Amy Coney Barrett as part of the majority that held IEEPA does not authorize his global tariffs, while praising Justice Brett Kavanaugh as a 'genius' for his dissent.
- Trump alleged, without evidence, that the justices in the majority had been 'swayed by foreign interests' and called them 'fools and lap dogs for the RINOs and the radical left Democrats,' and said those six are only 'barely invited' to his upcoming State of the Union.
9:58 PM
'Impossible to describe:' Importer who challenged Trump tariffs hails Supreme Court win
New information:
- Profiles Victor Owen Schwartz, a small wine importer whose company V.O.S. Selections was one of the named plaintiffs and who describes watching the ruling over Zoom with his lawyers.
- Details how Trump’s 'Liberation Day' tariffs hit Schwartz’s business: wines and spirits from 16 countries were suddenly subject to up‑front duties that he says threatened his company’s survival and choked cash flow.
- Adds Schwartz’s characterization of the tariffs as forcing small businesses to 'gamble with our livelihoods' and as 'an unconstitutional act of government overreach,' and his reaction that the decision felt like 'justice prevailed.'
- Reiterates Trump’s public response to the loss and his vow to move to a 10% global tariff using 'stronger methods,' aligning with, and adding color to, previously reported legal plans under Section 122.
9:14 PM
"Patience was running thin": Some Republicans privately cheer SCOTUS rebuke of Trump
New information:
- Axios reports that some congressional Republicans privately welcomed the Supreme Court’s 6–3 decision because it spares them a looming 'messy' internal fight over Trump’s tariffs before the midterms.
- A senior House Republican says patience with Trump’s tariffs was 'running thin' due to lack of significant trade‑war results and that the ruling 'makes a messy breakup unnecessary.'
- A pro‑Trump House Republican publicly frames the decision as constitutionally correct in reaffirming Congress’s primacy over tax and tariff policy.
- The piece notes that Trump has already invoked Section 122 of the Trade Act of 1974 to impose a temporary 10% global tariff, but that Congress may have to vote within months whether to keep those Section 122 tariffs in place.
- Rep. Riley Moore (R‑W.Va.) and others are pushing for legislation to codify and expand some of the tariffs the Court just struck down, putting GOP leaders between backing Trump and protecting vulnerable incumbents.
8:55 PM
Trump signals new tariffs plan. Here's how Section 122 works
New information:
- Explains that Trump’s 'Plan B' is to rely on Section 122 of the 1974 Trade Act, a provision that has never before been invoked.
- Details Section 122’s limits: temporary surcharges up to 15% for no more than 150 days unless Congress extends them.
- Clarifies that Section 122 does not require prior investigations and allows the president to act quickly on 'balance of payments' emergencies, though it was intended for short‑term crises.
- Notes that Trump’s proposed 10% tariff on all foreign goods would be implemented via Section 122 and that, in theory, he could try to string together repeated 150‑day 'emergencies'.
8:42 PM
Why did the Supreme Court rule against tariffs? Here’s what the justices said.
New information:
- Clarifies that the ruling applies specifically to the April 2, 2025 'Liberation Day' tariffs imposed under IEEPA and not to separate steel, aluminum, and auto tariffs imposed under other laws.
- Quotes the key line from Chief Justice John Roberts’ majority opinion rejecting Trump’s claim of 'independent power to impose tariffs on imports from any country, of any product, at any rate, for any amount of time' under IEEPA.
- Details the statutory interpretation point that the words 'regulate' and 'importation' in IEEPA — separated by 16 other words — 'cannot bear such weight,' undercutting Trump’s reading of the statute.
- Notes that two Trump-appointed justices, Neil Gorsuch and Amy Coney Barrett, joined the three liberals and Roberts to form the 6–3 majority.
- Reiterates that the majority opinion does not address whether or how the federal government must refund more than $200 billion in tariffs already collected, leaving that question for future litigation.
8:39 PM
Trump's tariffs were voided, starting a new fight over refunds
New information:
- Penn Wharton Budget Model now estimates importers could ultimately be entitled to more than $175 billion in tariff refunds if courts order repayment.
- Axios details that companies including Costco, Revlon and Bumble Bee Foods preemptively sued in the Court of International Trade last year to secure refunds if SCOTUS ruled against the tariffs.
- Justice Brett Kavanaugh’s dissent is highlighted for warning that the ruling could force 'billions of dollars' in refunds and create a 'mess' because many importers already passed costs on to consumers.
- Trade experts outline three possible refund mechanisms — blanket administrative refunds, case‑by‑case CBP applications, or a contested litigation‑driven process — with the Trump administration signaling it will force a legal fight rather than proactively refund duties.
- Trump publicly criticizes the Court for saying nothing about refunds and again announces plans for a new 10% global tariff to replace the illegal IEEPA duties.
8:37 PM
WATCH: Trump 'absolutely ashamed' of 'certain' Supreme Court justices after tariff decision
New information:
- Trump said at a Feb. 20 White House news conference he is 'absolutely ashamed' of 'certain members of the court' for striking down his IEEPA global tariffs.
- He singled out Justices Thomas, Alito and Kavanaugh for praise, while calling the ruling an 'embarrassment' to the families of Justices Gorsuch and Barrett, whom he had appointed and who joined the majority.
- He claimed, without providing evidence, that it is his 'opinion' the Supreme Court 'has been swayed by foreign interests' and suggested unnamed people with 'undue influence' may affect the justices 'through fear or respect or friendships.'
8:10 PM
Watch: Trump slams Supreme Court ruling, announces new 10% global tariff
New information:
- Trump used a news conference to denounce the Supreme Court justices who struck down his IEEPA-based emergency tariff program.
- He said he will sign a new order imposing a 10% global tariff 'under a different authority,' signaling an attempt to rebuild the tariff regime via another legal route.
- The CBS segment provides the full video of his remarks, clarifying that he intends to move quickly despite the Court’s limits on IEEPA.
8:00 PM
Fox News Poll: Trump’s tariffs faced broad disapproval even before Supreme Court ruling
New information:
- A Fox News poll conducted Jan. 23–26 finds 63% of registered voters disapprove of Trump’s handling of tariffs, vs. 37% who approve, making tariffs one of his weakest-rated issues.
- The same poll shows 59% disapprove of Trump’s handling of the economy overall and 65% disapprove of his handling of inflation.
- The article quantifies tariff revenue under Trump’s renewed program: more than a 300% increase since he returned to office, with $30.4 billion in duties in January alone (up 275% year-on-year) and $132.6 billion collected so far this fiscal year.
7:55 PM
What the Supreme Court tariffs ruling means for consumers and businesses
New information:
- Yale Budget Lab estimates that with the IEEPA tariffs struck down, the overall average effective U.S. tariff rate will be about 9.1%, compared with 16.9% if the program had been upheld.
- The article details that remaining higher tariffs will be concentrated in metals, vehicles, and electronics, while apparel and food products should see some relief now that IEEPA-based duties are gone.
- Economist Diane Swonk warns that any refund process for unlawfully collected IEEPA tariffs will be a 'nightmare' of documentation administered by CBP, one where small firms are likely to fare worse than large corporations.
- Scott Lincicome of Cato predicts the refunds process will be 'very hard and highly inequitable,' noting small firms may have to spend more on lawyers than they are owed, effectively forcing many not to pursue refunds.
- The piece underscores that even with the IEEPA tariffs voided, many price hikes that companies implemented in 2025 in anticipation of tariffs are unlikely to be rolled back soon because of policy uncertainty and stickiness in retail pricing.
- The article quotes Justice Kavanaugh’s dissent emphasizing that other federal statutes still give presidents broad tariff powers, reinforcing Trump’s vow to seek alternative legal routes for a new 10% global tariff.
7:26 PM
Why the Supreme Court struck down Trump's most sweeping tariffs
New information:
- CBS piece focuses on the Court’s statutory reasoning that IEEPA’s authority to 'regulate … importation' does not include imposing tariffs, duties, levies, or taxes.
- Identifies the case as Learning Resources v. Trump and lays out the exact majority lineup: Roberts, Sotomayor, Kagan, Gorsuch, Barrett, Jackson.
- Explains that all six justices in the majority agreed tariffs are distinct from other IEEPA tools because they operate directly on domestic importers to raise Treasury revenue.
- Details how Roberts, joined by Gorsuch and Barrett, invoked the 'major questions' doctrine to say a power this sweeping must be clearly and specifically delegated by Congress.
- Notes that Roberts cited government projections claiming the tariff program would reduce the deficit by $4 trillion and underpinned $15 trillion in international agreements, underscoring the decision’s economic and political significance.
7:22 PM
Trump calls SCOTUS tariffs decision 'deeply disappointing' and lays out path forward
New information:
- Trump publicly called the Supreme Court’s IEEPA decision 'deeply disappointing' and accused justices in the majority, including two of his own appointees, of lacking courage and acting out of liberal partisanship.
- He laid out a specific alternative path, citing Trade Act of 1974 Sections 122, 201 and 301, and Tariff Act of 1930 Section 338, arguing the ruling actually clarifies and strengthens his authority under those laws.
- Trump said he will sign an executive order 'today' to impose a 10% global tariff under Trade Act Section 122 'over and above' existing tariffs, and to keep all Section 232 'national security' tariffs and existing Section 301 tariffs 'fully in place.'
- He asserted that Section 122 allows him to impose up to 15% tariffs for 150 days to address trade deficits, and claimed the Supreme Court decision made his power to regulate trade and impose tariffs 'more crystal clear, rather than less.'
- Trump said his administration is also initiating 'several Section 301 and other investigations' into what he calls unfair trading practices by other countries and companies.
7:12 PM
What to know about the Supreme Court ruling on Trump's tariffs
New information:
- Clarifies that the Court held Trump’s use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose broad tariffs was invalid because the statute contains no tariff authority and Congress retains taxing power.
- Details that the challenged measures included IEEPA-based tariffs on Mexico, Canada and China tied to a declared emergency over undocumented immigration and fentanyl trafficking, plus an April 'Liberation Day' package imposing 'reciprocal' tariffs up to 50% and a baseline 10% tariff on nearly all other countries.
- Adds that Trump also used IEEPA to levy steep import taxes on Brazil (citing Jair Bolsonaro’s prosecution) and on India (for Russian oil purchases), and that many of these levies were repeatedly raised, lowered, and reimposed over the past year.
- Includes key language from Chief Justice John Roberts’ majority opinion emphasizing that no prior president had read tariff authority into IEEPA and that the Constitution 'very clearly' gives Congress, not the president, the power to impose tariffs.
- Notes that Justices Alito, Thomas and Kavanaugh dissented, with Kavanaugh arguing the tariffs were 'clearly lawful' as a matter of text, history and precedent.
- Reports reaction from 'We Pay the Tariffs,' a small‑business group, calling the decision a 'tremendous victory' for firms that had taken on debt to survive the levies.
7:11 PM
Trump Calls Justices Who Ruled Against Him ‘Fools and Lap Dogs’
New information:
- Trump, in a prepared-statement news conference, called the justices who ruled against his tariff plan 'fools and lap dogs' and 'very unpatriotic and disloyal to our Constitution'.
- He singled out his own appointees Neil Gorsuch and Amy Coney Barrett, saying their votes were 'an embarrassment to their families'.
- Trump praised Justice Brett Kavanaugh as a 'genius' and said only the three justices who backed his tariffs are 'happily invited' to his upcoming State of the Union, while the others are 'barely invited' and he 'couldn’t care less if they come'.
- He asserted, without evidence, that the Court has been 'swayed by foreign interests and a political movement that is far smaller than people would ever think', and portrayed the Democratic-appointed justices as 'an automatic no' and 'a disgrace to our nation'.
- The article underscores that Trump views Supreme Court appointments in terms of personal and political loyalty rather than as an independent constitutional check.
7:09 PM
Trump gives grudging praise to liberal trio who helped sink his tariffs
New information:
- At a Feb. 20 White House press conference, Trump called the three liberal justices 'an automatic no' on anything that 'makes America strong, healthy and great again' and labeled them 'a disgrace to our nation,' while adding you 'can’t knock their loyalty' to Democrats.
- He publicly praised Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh for their dissent, saying their opinions showed 'there's no way that anyone can argue against them.'
- Trump insisted the 6–3 decision 'did not overrule tariffs' generally but 'merely overruled a particular use of IEEPA tariffs,' emphasizing that he sees other legal avenues to keep using tariffs as a core economic tool.
6:28 PM
Trump "absolutely ashamed" of SCOTUS for tariffs ruling
New information:
- President Trump said at a Feb. 20 White House news conference that he is 'absolutely ashamed' of the Supreme Court after it struck down his sweeping tariffs agenda.
- Trump reiterated that the Court’s decision is 'deeply disappointing' and tied it directly to his claims that tariffs were central to boosting the U.S. economy, paying down the national debt, and funding domestic plans.
- He again framed the now‑invalidated tariff regime as essential to 'national security' and has publicly suggested he will 'have to figure something out' to replace it.
6:27 PM
Democrats cheer Supreme Court move blocking Trump tariffs — despite past support for trade duties
New information:
- Democratic leaders Hakeem Jeffries and Chuck Schumer publicly hailed the ruling as striking down 'harmful' and 'illegal' Trump tariffs, calling them an unfair tax and a defeat for a 'wannabe king.'
- Fox highlights past Democratic support for using tariffs against China, citing Nancy Pelosi’s 2010 comments about U.S.–China MFN tariff asymmetries and Biden’s decision to largely keep Trump’s first‑term China tariffs.
- Treasury data in the piece say Trump’s emergency‑tariff program brought in $30.4 billion in January alone and $124 billion over the past fiscal year.
- An unnamed House Republican argues Democrats’ celebration is hypocritical given their opposition to tax cuts in the One Big, Beautiful Bill Act, and claims they failed to meaningfully push China on trade while in power.
6:25 PM
Supreme Court kills Trump’s ‘Liberation Day’ tariffs — but 4 other laws could resurrect them
New information:
- Confirms the Court framed the IEEPA decision explicitly as reaffirming that Congress alone holds constitutional authority over tariffs, quoting Roberts’ majority opinion that the framers gave that power to Congress 'notwithstanding the obvious foreign affairs implications.'
- Details how Trump could now pivot to Section 232 of the Trade Expansion Act of 1962, using a national-security rationale and a Commerce Department investigation process that is already court‑tested and has been expanded under Commerce Secretary Howard Lutnick.
- Explains that U.S. Trade Representative Jamieson Greer could also use Section 301 of the Trade Act of 1974 to pursue retaliatory tariffs following investigations of 'unjustifiable' foreign trade practices that deny U.S. benefits under trade agreements.
- Clarifies that a recent federal appeals court ruling upheld Trump’s earlier China tariffs imposed under Section 301, underscoring that those Trade Act powers remain intact even after the IEEPA defeat.
5:55 PM
What happens now that the Supreme Court struck down Trump's tariffs?
New information:
- Reports Trump called the Supreme Court decision 'a disgrace' and told governors he has 'to do something about these courts,' abruptly ending a private meeting after receiving the ruling.
- Republican strategist Doug Heye is quoted saying the ruling is seen as a 'massive blow' and 'massive repudiation' but that Trump will likely look for alternative legal paths to pursue his trade agenda.
- The article details White House plans to try to preserve parts of the tariff program under other statutes, signaling further legal and political battles over trade policy.
- AP–NORC polling cited: about 6 in 10 Americans said in January that Trump had gone too far on tariffs, and 76% in an April poll said his tariff policies would increase consumer prices.
- Former Vice President Mike Pence publicly celebrated the ruling as a win for separation of powers and free trade, stressing that 'American families and American businesses pay American tariffs — not foreign countries.'
5:43 PM
‘Tariffs suck’: Some Republicans privately celebrate as Supreme Court blocks Trump policy
New information:
- Multiple unnamed but clearly Republican House members and aides say they are 'relieved' and 'vindicated' by the Court’s decision, calling tariffs a congressional Article I power and criticizing broad tariffs as 'a tax on consumers.'
- Rep. Don Bacon explicitly claims vindication, reiterates that he opposed the Canada emergency tariffs and argues broad-based tariffs are 'bad economics.'
- A House GOP aide is quoted saying 'Tariffs suck and are useless,' capturing blunt internal frustration with Trump’s strategy.
- Sen. Rand Paul welcomes the ruling as blocking the use of emergency powers to 'enact taxes' and says no future administration, including a 'socialist' one, can tax 'by decree' via emergency powers.
5:38 PM
WATCH LIVE: Trump holds news conference after Supreme Court strikes down his global tariffs
New information:
- PBS/AP piece emphasizes the constitutional basis more sharply: Roberts writes that 'The Framers did not vest any part of the taxing power in the Executive Branch,' framing this squarely as a taxing-power/separation-of-powers case.
- Confirms the 6–3 split with Roberts writing for the majority and Justices Alito, Thomas and Kavanaugh dissenting, and includes a pointed Kavanaugh quote that the tariffs are 'clearly lawful' as a matter of text, history and precedent.
- Adds on-the-record reaction from Trump in the moment of notification – he called the decision 'a disgrace' during a private session with governors – and notes the White House had no immediate formal response.
- Clarifies that the majority opinion does not address how illegally collected duties should be refunded, while Kavanaugh explicitly flags that any refund process is likely to be 'a mess,' reinforcing uncertainty for businesses.
- Provides updated Treasury figures: $133 billion collected as of December under the now-invalidated emergency tariffs, with an estimated $3 trillion impact over the coming decade.
- Quotes Neal Katyal characterizing the decision as a 'complete and total victory' and a reaffirmation that 'Congress, not any one man, controls the power to tax the American people.'
- Notes early foreign reaction: an EU Commission spokesman says Brussels is seeking clarity from Washington on what trade steps it will now take in response to the ruling.
5:30 PM
Trump to hold news conference in wake of Supreme Court tariff decision
New information:
- CBS piece notes this will be Trump’s first formal public comments on the tariff ruling, via a White House briefing scheduled for 12:45 p.m. ET.
- A governor present says Trump called the decision a 'disgrace' in a meeting with governors and abruptly left after being handed a note about the ruling.
- The article quotes directly from Chief Justice Roberts’ majority opinion emphasizing that IEEPA 'contains no reference to tariffs or duties' and that no previous president has read it to allow tariffs.
5:28 PM
Trump responds to Supreme Court ruling rejecting sweeping tariffs powers: 'A disgrace'
New information:
- A source who was in the room says that upon being handed a note about the 6–3 Supreme Court ruling, President Trump 'called it a disgrace' before continuing his remarks to governors.
- Rep. Buddy Carter, R‑Ga., publicly denounced the decision on X as 'judicial overreach' that undercuts Trump’s ability to 'defend American workers.'
- Sen. Rand Paul, R‑Ky., praised the ruling as a defense against using emergency powers to impose taxes and warned it will constrain any future president (including a hypothetical AOC) from using emergencies to advance 'socialism.'
- Rep. Don Bacon, R‑Neb., applauded the decision as a straightforward affirmation that tariff power belongs to Congress under Article I and reiterated his view that broad‑based tariffs are 'bad economics.'
- The article quotes verbatim from the majority opinion’s core holding that IEEPA’s grant of power to 'regulate… importation' does not include tariff authority.
5:27 PM
Business groups applaud Supreme Court ruling on Trump tariffs
New information:
- Capital Economics estimates potential tariff refunds to businesses at about $120 billion if Treasury is forced to repay the unlawful duties.
- Major business groups including the U.S. Chamber of Commerce, Business Roundtable, National Retail Federation, Retail Industry Leaders Association, Small Business Majority, and National Restaurant Association publicly applauded the ruling and are urging swift refunds and a narrower, more targeted tariff strategy.
- Stocks turned positive after the ruling, but with a muted reaction that analysts say reflects markets having largely priced in this outcome; prediction markets had only about a 25% chance on a pro-tariff ruling.
- Logistics and trade advisers say many companies are not actually counting on refunds, anticipating an arduous process given how the administration has managed tariffs, even though firms like Costco pre‑positioned lawsuits to seek repayment.
4:58 PM
What Trump's tariff loss means for his agenda
New information:
- Adds direct language from the majority that upholding Trump’s IEEPA tariffs would be a 'transformative expansion' of presidential tariff authority and reaffirms that only Congress can levy duties.
- Cites Yale Budget Lab’s estimate that the effective U.S. tariff rate will fall to 9.1% without the IEEPA duties, versus roughly 17% if they had remained.
- Notes Penn Wharton’s estimate that a rejection would remove more than $175 billion in expected annual tariff collections.
- Highlights Fitch Ratings’ characterization of the ruling as 'Liberation Day 2.0' and its view that more than 60% of 2025 tariffs effectively vanish.
- Emphasizes Justice Kavanaugh’s dissent pointing to the Court’s silence on how to refund billions already collected and warning that many earlier Trump trade deals were built on these now‑void tariffs.
4:52 PM
Trump's tariff revenues hit record highs as Supreme Court deals major blow
New information:
- Treasury data cited showing January 2026 tariff collections of $30.4 billion, up about 275% from a year earlier.
- Fiscal year‑to‑date 2026 tariff collections of $124 billion, roughly 300% higher than the same period last year.
- Fiscal 2025 total tariff receipts of $215.2 billion and a revenue jump from $9.6 billion in March 2025 to $23.9 billion in May after the 'Liberation Day' tariffs.
- Detailed description that Trump’s 'Liberation Day' global tariff package, imposed in April under IEEPA, is the specific program at issue in the Supreme Court case.
- The administration’s claim that tariff revenue could help pay down the $38 trillion national debt and even fund $2,000 dividend checks to Americans.
4:09 PM
Read the Supreme Court’s decision on Trump’s tariffs
New information:
- Confirms the Supreme Court has now formally issued the full written opinion, including dissents and partial concurrences, in the tariffs case and makes the text available.
- Reiterates that the Court held President Trump lacks authority to enforce his sweeping tariffs, described as a 'rare rebuke' of a sitting president by the justices.
4:07 PM
Supreme Court strikes down Trump's tariffs
New information:
- CBS says the ruling was 6–3 and explicitly states the Court found President Trump lacks authority to impose sweeping tariffs unilaterally.
- The segment emphasizes that the decision is about unilateral presidential power rather than tariffs in general, sharpening the framing already implied in the existing story.
- On‑air discussion highlights that Congress, not just the president acting alone, must be involved for tariffs of this scope, reinforcing the separation‑of‑powers implications.
3:38 PM
7 key things to know about Trump's tariffs after the Supreme Court decision
New information:
- NPR pegs current tariff collections at about $30 billion per month — roughly four times pre‑Trump levels — and notes tariffs now account for just over 5% of federal revenue in January.
- It reports that IEEPA‑based tariffs account for about half of all current tariff revenue, clarifying how much of the program the Supreme Court actually struck down.
- It cites research by Gita Gopinath and Brent Neiman finding that nearly all of Trump’s tariff costs were borne by U.S. importers, contradicting Trump’s repeated claim that foreigners pay.
- The article notes importers have shifted sourcing: China’s share of U.S. imports fell from about 12% in 2024 to roughly 8% by September 2025 as buyers chased lower‑tariff origins.
- A veteran customs lawyer says refunds will be administratively cumbersome but manageable, and that CBP plans to waive normal deadlines so eligible importers can claim refunds.
3:36 PM
Supreme Court ruling against Trump tariffs will offer relief, businesses say
New information:
- Federal Reserve Bank of New York analysis found U.S. businesses and consumers paid nearly 90% of Trump’s 2025 tariffs, contradicting administration claims that foreign exporters bore the cost.
- Federal Reserve Bank of Richmond data show Treasury collected $287 billion in tariffs in 2025, up 192% year‑over‑year, with about $130 billion tied to IEEPA tariffs that are now nullified.
- PNC Financial and Morgan Stanley analysts estimate potential IEEPA‑related refunds could approach $150 billion but may be delayed and possibly incomplete due to legal and fiscal constraints.
- Small import‑reliant businesses like Minnesota’s Busy Baby and Virginia’s Elden Street Tea Shop describe postponing shipments and facing tens of thousands of dollars in extra duties pending the Court’s decision.
- The average U.S. tariff rate on imports climbed to roughly 17% in 2025, and the administration is already signaling plans to try to re‑impose some tariffs using other statutory authorities.
3:30 PM
Supreme Court rules against Trump's tariffs | Special Report
New information:
- CBS runs a network 'special report' anchored by Tony Dokoupil announcing that the Supreme Court has issued its ruling striking down President Trump’s second‑term tariff agenda.
- The CBS segment characterizes the decision as targeting Trump's 'signature economic policy during his second term in office,' reinforcing the centrality of the tariffs to his agenda.
3:23 PM
Supreme Court rules against Trump’s tariffs
New information:
- MS NOW confirms the Supreme Court has issued its decision and characterizes it plainly as holding that President Trump 'does not have the power to enforce his tariffs.'
- The White House has acknowledged the ruling and says it is 'actively reviewing' the decision.
- The piece reinforces that this is a fresh Friday decision, underscoring timing for market and policy reaction.
3:17 PM
Supreme Court says Trump global tariffs are illegal
New information:
- The Supreme Court, in a 6–3 decision, has now formally ruled that Trump’s broad global 'reciprocal' tariffs imposed under IEEPA are illegal, holding that the statute does not authorize the president to unilaterally impose 'unbounded' and changeable tariffs.
- The Court’s majority opinion states that the government’s reading of IEEPA would represent a 'transformative expansion' of presidential tariff authority, and rejects that interpretation.
- The Court explicitly declines to decide whether or how the federal government must refund the billions of dollars in duties already collected, leaving that issue unresolved for now.
- Justice Brett Kavanaugh’s dissent stresses the uncertainty around refunds and criticizes the majority for not giving guidance on how to return illegally collected tariffs.
- Markets reacted modestly but noticeably: the S&P 500 rose about 0.3%, gold futures gained 1.7%, and silver jumped more than 5% after the ruling.
- Axios notes that more than half of Trump’s current tariffs were imposed under IEEPA and that the administration has previously signaled it would try to re‑create some levies under other, narrower trade authorities that were not at issue in this case.
3:08 PM
Supreme Court rules Trump doesn’t have the tariff authority he claimed
New information:
- Confirms authorship of the majority opinion by Chief Justice John Roberts.
- Clarifies that the Court’s analysis turned centrally on the text and structure of IEEPA, with lower courts and the Supreme Court all emphasizing that the statute does not mention tariffs or contain tariff‑style safeguards.
- Adds detail on November oral arguments, including skeptical questioning from Justice Amy Coney Barrett about why 'every country' needed to be tariffed under Trump’s worldwide reciprocal‑tariff theory.
- Reiterates specific lower‑court reasoning: the Federal Circuit’s 7–4 holding that IEEPA cannot be stretched to authorize open‑ended tariffs, and Judge Rudolph Contreras’s view that if Congress meant to hand the president general taxing power over ordinary commerce, it would have said so explicitly.
- Frames the decision in the broader term‑long context of a Court that has often expanded presidential power but is now drawing a line on Trump’s claimed emergency‑tariff authority.
February 13, 2026
12:24 AM
2/12: The Takeout with Major Garrett
New information:
- CBS notes on‑air that the House has passed a rebuke of President Trump’s Canada tariffs, specifying that six Republicans joined Democrats in support, consistent with prior print reporting.
February 12, 2026
11:29 PM
House repeal of Canada tariffs shows more in GOP are willing to break from Trump
New information:
- CBS source emphasizes that the 219–211 House vote is being read on Capitol Hill as a broader signal that more Republicans are willing to defy President Trump on one of his signature policies, tariffs.
- It frames the vote’s political meaning through discussion with congressional reporters Daniella Diaz (NOTUS) and Tia Mitchell (Atlanta Journal‑Constitution), highlighting emerging fissures in the GOP conference beyond the six named defectors.
11:31 AM
6 GOP reps defy Trump to block Canadian tariffs. And, student loan defaults rise
New information:
- NPR reports that a new Congressional Budget Office analysis projects Trump’s tariffs will reduce deficits by more than $3 trillion over a decade but finds about 90% of the cost is being passed through to U.S. consumers.
- Franco Ordoñez says the House vote is another sign some Republicans are 'starting to stand up to the president' as constituent anger over high prices and business uncertainty grows.
- NPR adds that business groups are afraid to invest amid the tariff‑driven uncertainty, a pressure point on GOP lawmakers beyond pure ideology.
February 11, 2026
11:40 PM
House Republicans defy Trump on trade
New information:
- Specifies the six House Republicans who voted with Democrats to terminate Trump’s Canada tariff emergency: Thomas Massie, Don Bacon, Kevin Kiley, Dan Newhouse, Jeff Hurd and Brian Fitzpatrick.
- Reports President Trump’s Truth Social post minutes before the vote warning that any Republican voting against tariffs would 'seriously suffer the consequences' in elections, including primaries.
- Details that Speaker Mike Johnson had been blocking tariff disapproval votes for a year, and that a procedural rule to keep that blockade in place failed when Massie, Kiley and Bacon voted no.
- Notes that House Democrats now plan additional privileged resolutions to challenge Trump’s tariffs on Mexico and other countries to force repeated tough votes for Republicans before the midterms.
- Reiterates that the Canada resolution goes next to the Senate, where it needs only a simple majority but faces an almost certain veto from Trump.