U.S. could owe businesses $168 billion if Supreme Court rules against Trump tariffs, analysis finds

The U.S. government could owe businesses as much as $168 billion if the Supreme Court rules that the Trump administration improperly invoked a federal emergency powers law earlier this year in hitting dozens of countries with new tariffs, according to a recent analysis.

Through December 5, the U.S. government has collected $259 billion in tariff revenue, the nonpartisan research initiative found. But a ruling by the high court that Mr. Trump unlawfully invoked the International Emergency Economic Powers Act (IEEPA) to impose the country-specific tariffs could force the government to offer refunds to importers, said Kent Smetters, a professor of business economics and public policy at the University of Pennsylvania's Wharton School.

In a November hearing on the case, the Suprem