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A federal appeals court ruled that Donald Trump illegally used the International Emergency Economic Powers Act (IEEPA) to impose tariffs, potentially leading to $210 billion in refunds for American businesses. Trump is appealing to the Supreme Court. While businesses anticipate refunds, the process is complex and uncertain. The government might refund all importers, only named plaintiffs, or create an administrative process. Refunds could increase government borrowing, potentially raising interest rates and inflation.

Prepared by Christopher Adams and reviewed by editorial team.