In a landmark opinion, the U.S. Supreme Court strikes down the Administration's IEEPA tariffs

February 20, 2026

 

This briefing was produced in conjunction with Christopher Padilla (Brunswick Group).

Today, the U.S. Supreme Court issued its opinion in Learning Resources, Inc. v. Trump, holding that the President cannot use the International Emergency Economic Powers Act ("IEEPA") to impose tariffs. The opinion has profound implications, affirming congressional primary authority over tariffs, and eliminating the most expansive tariffs imposed by President Trump in 2025. But this is not the end of the story. Whether and how refunds will be issued remains an open question, and the President has already indicated in remarks following the decision that the Administration will use other tariff powers to deal with the perceived trade imbalances and unfair trading practices that it had used IEEPA to address.

Thus, notwithstanding the Supreme Court's important decision, tariffs are here to stay, as is continued uncertainty for businesses and their supply chains.

Download PDF