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Two courts have ruled President Trump's tariffs imposed under the 1977 International Emergency Economic Powers Act (IEEPA) illegal. If the Supreme Court upholds this, the government may owe hundreds of billions of dollars in refunds to importers. These refunds would impact the revenue Trump relied on for his tax cuts and could trigger extensive litigation. While importers would receive refunds, consumers who paid higher prices due to the tariffs would not. The administration might contest the refunds, potentially leading to protracted legal battles.

Prepared by Christopher Adams and reviewed by editorial team.