President Trump has warned that the U.S. would face an “insurmountable National Security Event” if the Supreme Court rules against the legality of his tariffs under the International Emergency Economic Powers Act (IEEPA). The act authorizes the president to enforce tariffs in response to national emergency events originating outside of the U.S.
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“The ‘unwind’ in the event of a negative decision on Tariffs, would be, including investments made, to be made, and return of funds, in excess of 3 Trillion Dollars,” Trump said in a Truth Social post, adding that it would be “devastating to the future of our Country.”
Goldman Projects Up to $145 Billion in Tariff Refunds if Trump Loses Case
The Supreme Court heard oral arguments in Trump’s tariff case last week, although it isn’t clear when the court will make a final ruling. During the hearing, Trump’s legal team faced tough questioning, with some justices appearing skeptical of the legality behind the tariffs.
Goldman Sachs (GS) expects the decision to come in December or January 2026, with tariff refunds between $115 and $145 billion if the SCOTUS rules against Trump. The U.S. has collected $88 billion of tariff revenue this year under the Trump administration.
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