Despite the setback, the president isn't backing down.

"Return of the tariffs. Despite the setback, the president isn't backing down. This weekend, he announced plans to impose a 15% "worldwide" tariff. That's thanks to Section 122, which allows him to briefly implement tariffs broadly. However, they can only remain in place for up to 150 days. Ultimately, he'll likely need to work with Congress for something more permanent."

"One of the biggest questions is what happens to the $133 billion in taxes collected from the struck-down tariffs. More than a thousand companies preemptively filed lawsuits to claw back that money. The process isn't as simple as the US government cutting a check. It's bound to get messy and involve lots of lawyers. Companies will also need to weigh the benefits of fighting for a refund against the risks of angering the current administration."

The Supreme Court blocked a substantial portion of the tariff program, prompting the president to pursue a temporary 15% "worldwide" tariff under Section 122 that can last up to 150 days. A permanent solution will likely require Congressional action. Approximately $133 billion in duties collected under the struck-down tariffs face refund claims, with over a thousand companies filing lawsuits to recover payments. The refund process will be legally complex and politically sensitive. Market effects include legal precedent limiting future tariff scope, potential corporate cash infusions from refunds, and fiscal pressures that could raise bond yields and weigh on stocks.

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