Opinion: The outcome of the US Supreme Court tariff case may have limited economic impact

The US Supreme Court is today considering whether the International Economic Emergency Powers Act (IEEPA) gives the president the power to impose tariffs to guide economic activity in the event of a determined emergency. However, a recent Brookings Institution article pointed out that regardless of the court's final ruling, the actual impact on the economy may be limited. "Even if the Supreme Court upholds the lower court's previous ruling against Trump, it is likely to have sufficient authority under other trade laws to reimpose tariffs similar to those under IEEPA in the future, although there may be some procedural hurdles along the way." If the court rules that the president does not have the authority to levy taxes under IEEPA, the biggest economic consequence could be for the government to refund more than $100 billion in tariffs it has collected so far.