Tariff Refund Claims: Accounting Considerations After Supreme Court Ruling

On February 20, 2026, the Supreme Court of the United States (SCOTUS) held that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose tariffs. Writing for the Court, Chief Justice John Roberts stated that, “[b]ased on two words separated by 16 others in [IEEPA]…’regulate’ and ‘importation’ the President asserts the independent power to impose tariffs on imports from any country, of any product, at any rate, for any amount of time. Those words cannot bear