Currents Ep336: Supreme Court Strikes Down Tariffs
Feb 20, 2026
Stefan Reisinger, Norton Rose Fulbright partner and international trade lawyer. He breaks down the Supreme Court ruling that voids presidential tariff actions under the IEPA. He explains which tariffs are affected and who can seek refunds. He outlines alternate legal routes for tariffs and the likely administrative process and practical effects on contracts and lenders.
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IEEPA Authority Rejected For Global Tariffs
- The Supreme Court ruled the president lacks authority under the IEEPA to impose global tariffs.
- That decision invalidates a wide range of tariffs (reciprocal, fentanyl, India, Brazil) and deems them unlawful from inception.
Preserve Refund Rights Now
- Importers of record who paid the now-invalid IEEPA tariffs will be entitled to refunds, but non-importer purchasers generally will not.
- Preserve rights: prepare to use established mechanisms and expect a chaotic, delayed refund process.
Retroactive Validation Is Unlikely
- The administration is unlikely to retroactively recharacterize its legal authority to avoid refunds.
- Although they may attempt to limit who gets refunded or timing, retroactive validation of IEEPA tariffs appears unlikely.