The Supreme Court Ended the Tariffs. Now Comes the $133 Billion Fight

The constitutional question is resolved. The refund battle is just beginning.

This is not the end of the tariff wars. It is the beginning of the next, far more consequential battle.

Today’s Supreme Court decision in Learning Resources, Inc. v. Trump invalidated the administration’s sweeping tariff program — but it did not end the legal and financial consequences set to dominate the months and years ahead.

At issue was not merely policy, but constitutional structure. In a 6–3 decision, the Court held that the President lacked statutory authority under the International Emergency Economic Powers Act (IEEPA) to impose broad tariff duties. The majority made clear that the power to levy taxes and duties rests with Congress, not the Executive.

But the Court’s opinion stops at that constitutional threshold.

It does not explain what happens to the roughly $133 billion in tariffs collected last year under that now-invalid regime.

That omission may matter as much — if not more — than the holding itself.

The Money Question the Court Left Unanswered

Justice Kavanaugh’s dissent id…