What did the Supreme Court decide on the tariffs?

The Court voided the IEEPA-based tariffs, which prompted CBP to halt collections. This opens the door to IEEPA tariff refunds for importers, subject to procedures and timing guidance. The decision does not bar the White House from using other legal tools, including a temporary Section 122 action.

How big could IEEPA tariff refunds be and who gets them?

Refunds could total up to $175 billion, depending on eligible entries and claims. Importers that paid IEEPA-based duties are the primary beneficiaries. Payments will likely rely on documentation, audits, and agency timelines, so cash flow timing can vary by company and product category.

What is the 15% global tariff under Section 122?

It is a proposed, temporary tariff applied broadly to imports for up to 150 days under Section 122 tariffs. The goal is to manage trade flows while longer-term policy is set. If enacted, it would raise near-term landed costs and could offset some benefits from expected IEEPA refunds.

How should S&P 500 investors respond today?

Use clear levels for risk control and avoid large, leverage-heavy bets. Emphasize firms with strong balance sheets, pricing power, and diversified sourcing. Monitor CBP refund guidance and any Section 122 announcements. Expect volatility around technical bands and reassess exposures as companies disclose refund amounts and cost impacts.

Law and Government

^GSPC Today, February 24: SCOTUS Tariff Ruling Spurs 15% Pivot, Refund Risk

ByDanny Kontos February 24, 2026

The SCOTUS tariff ruling is moving markets today. Customs and Border Protection paused IEEPA collections, opening the door to as much as $175 billion in refunds, while the White House signaled a temporary 15% global tariff under Section 122 for up to 150 days. The S&P 500 (^GSPC) trades at 6861.88, down 47.63 points or 0.689%. Year to date, the index is off 0.275%. With refund timing unclear and Europe delaying a trade vote, pricing power and margins face fresh uncertainty across importers, retailers, and manufacturers.