Episode Details

Supreme Court Invalidates $175B in Tariffs, Refunds in the Works: The U.S. Supreme Court ruled on February 20, 2026, that approximately $175 billion in tariffs collected under the International Emergency Economic Powers Act were illegal. The ruling affects imports from countries like Canada, China, and Mexico, with companies that paid the tariffs now eligible for refunds. The government has outlined a four-step electronic process for handling refunds, with businesses submitting claims through a web portal called CAPE. More than a thousand companies have filed claims, but refunds will go to importers first, not consumers. The ruling also impacts federal budgets, as tariff cash was set to fund tax cuts. Treasury officials plan to fill the gap with new tariffs under other laws, but states and others are suing those as well. Watch for class-action suits that could push retailers to share refunds, and keep an eye on developments for potential relief for households through lawsuits or price drops.

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