The U.S. Supreme Court’s February 20, 2026 decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA) may end up doing more than reshaping trade policy. It may also create a very practical—and potentially expensive—question in mergers and acquisitions:

Households may lose over $1,000 yearly under Trump’s latest tariffs, even after the Supreme Court blocked his earlier emergency plan.

President Trump said that tariffs will replace much income tax revenue–despite a Supreme Court decision last week invalidating many of his levies. The president said that tariffs will “substantially replace” income taxes,

“Our brief to the Supreme Court helped to illustrate the impact on small businesses,” said Abel, founder and CEO of Ketchum-based Wild Rye. “Our story was on behalf of hundreds of thousands of businesses in the U.S. and their consumers that are being affected.”

FedEx is suing the U.S. government, requesting a full refund on what it paid for tariffs set by President Trump last year after the Supreme Court ruled that the tariffs are illegal.

Democrats are pushing for the Trump Administration to issue refunds for tariffs. Here’s what the Supreme Court’s recent ruling means for businesses, consumers, and countries that made trade deals.

Supreme Court ruled that President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs was illegal. That move nullified all of