A New Twist: What’s Next After the Supreme Court Tariff Ruling

Tariffs have been affecting small and midsize businesses since the new administration took office, with our latest survey showing that 70% of CEOs are experiencing impacts. However, the recent U.S. Supreme Court ruling has added a new twist. The ruling, which concluded that the presidential administration lacked legal authority to impose certain global tariffs under the International Emergency Economic Powers Act (IEEPA), immediately invalidated those tariffs.

The decision has important implications for costs, planning, and potential refunds — especially for small and midsize businesses.

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Below are key takeaways from our partner, the U.S. Chamber of Commerce:

• Certain tariffs are no longer valid. The Court ruled that IEEPA cannot be used to impose tariffs, which means the global tariffs issued under that law, ranging from 10% to 50%, are now nullified.
• Other tariffs remain in place. The ruling does not affect tariffs imposed under other laws, including Section 301 (country-specific tariffs) and Section 232 (product-specific tariffs such as steel, aluminum, and lumber). New tariffs may still emerge.
• Refunds are unresolved. Approximately $130 billion was collected under the now invalid IEEPA tariffs. At this time, there is no approved or official refund mechanism in place.
• Be wary of scams and premature offers from firms that claim to expedite the refund process. “Please only work with well-established, legitimate customs brokers to navigate the tariff refund landscape,” Chamber representatives advise.
• Prepare questions to ask a customs broker. Expect Customs brokers to be on the front line for businesses seeking tariff refunds. Here are 3 questions the Chamber recommends asking a customs broker:
  1. What tariffs did I pay that were assessed under IEEPA?
  2. What records do I need to provide to substantiate a tariff refund?
  3. What specific records must be assembled (entry summaries, ACE reports, invoices, classifications, country-of-origin support) to calculate refund amounts?

Watch this video from the Chamber, which breaks down the recent Supreme Court tariff ruling.

More information from the U.S. Chamber of Commerce can be found here:

• What the Supreme Court Decision on Tariffs Means for Small Business
• Tariff Refunds FAQ

CEO members, in the Q1 Vistage CEO Confidence Index Survey, we’ll be asking about tariffs to create a comprehensive overview and potential actions for the community. Visit myvistage.com/vistageindex between March 2nd and 16th to share your insights.

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