Here’s who could benefit from the Supreme Court’s decision on Trump’s IEEPA tariffs and who could lose out

The Supreme Court rules that Trump’s IEEPA tariffs are illegal. Businesses are celebrating the SCOTUS ruling, but tariff refunds may pose a fresh challenge. The federal government could be on the hook to refund $129 billion. The Trump administration’s cornerstone policy just suffered a major setback — but it’s not bad news for everyone. In a 6-3 decision, the Supreme Court ruled on Friday morning that the president does not have the authority to impose tariffs using the International Emergency Economic Powers Act. Most of the tariffs Trump imposed in 2025, including the “reciprocal” tariffs and the 10% baseline duties,…