Plain English with Derek Thompson The Supreme Court Strikes Down Trump’s Tariffs. Now What?
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Feb 21, 2026 
Jason Furman, Harvard economist and former Obama economic adviser, breaks down the Supreme Court ruling on Trump’s tariffs. He explains the legal reasoning, the likely macroeconomic effects on growth and inflation, and how trade leverage and congressional power could shift. Short takes on refunds, industry winners and losers, and the political durability of tariffs.
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Court Struck Down Most Tariffs
- The Supreme Court ruled 6-3 that most Trump tariffs exceeded delegated presidential authority under the IEPA.
- That decision nullified many tariffs but left refund procedures unclear and created major legal and economic uncertainty.
Trump's Temporary 10% Tariff
- After the ruling, Trump used a different authority to impose a 10% global tariff that lasts 150 days unless Congress acts.
- That temporary move partially restores tariffs but reduces the president's unilateral flexibility going forward.
Refunds Are Unclear And Economically Small
- The Court left open whether importers will receive refunds for roughly $200 billion collected in tariffs.
- Jason Furman thinks repayments matter politically and legally but have limited macroeconomic impact.