Supreme Court strikes down Trump tariffs as administration vows new levies

The Supreme Court struck down many of President Donald Trump’s tariffs on Feb. 20, 2026, offering relief to small businesses but failing to eliminate trade uncertainty. The administration, which collected over $130 billion in revenue using national emergency powers, signaled it would reimpose a 10% global tariff under alternative authority. While the ruling opens the door for potential refunds—potentially totaling half of the collected revenue—business leaders warn that economic damage like layoffs and lost customers may be irreversible. The Court did not specify a refund mechanism.