On February 20, 2026, the Supreme Court ruled 6–3 that President Trump’s tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. However, the decision offered little guidance on how the estimated $166 billion in tariff refunds would actually be administered. In this week’s “Three on Thursday,” we examine the evolving state of tariff refunds and the potential implications ahead. To find out more, click the link below.

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