Marketplace All-in-One Supreme Court strikes down Trump's tariffs
Feb 20, 2026
Nancy Marshall-Genzer, a Marketplace reporter on Washington and legal/economic policy, breaks down the Supreme Court ruling that voids a key tariff authority. She explores who actually paid those import taxes and whether refunds are possible. The conversation also covers alternative legal routes to reimpose tariffs and what that means for consumers and the Treasury.
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Court Limits Presidential Tariff Power
- The Supreme Court found Trump's use of the International Emergency Economic Powers Act to impose tariffs unlawful.
- That ruling raises big questions about whether collected tariff money will be refunded and how messy refunds could be for the U.S. Treasury.
Tariffs Largely Borne By Consumers
- The Federal Reserve Bank of New York says U.S. businesses and consumers shoulder nearly 90% of import tax costs.
- Nancy Marshall Genzer notes businesses may sue to recover billions, creating significant Treasury consequences.
Slower GDP Growth Than Expected
- GDP grew at an annual rate of just 1.4% in the October–December quarter, far below expectations.
- Christopher Lowe explains the government shutdown inflated measured spending without matching production.