![A globe with focus on the United States (USA) and Central America contrsted against a blurred background of a bulk cargo ship exemplifying the global nature of the cargo industry. ](/sites/cato.org/files/styles/optimized/public/2025-12/tarrif-globe-hero.png?itok=28Ytx4Po) 

# IEEPA Tariffs 

At a Glance 

President Trump repeatedly invoked the International Emergency Economic Powers Act (IEEPA) to increase tariffs on US imports at levels not seen since the 1930s, harming American consumers and companies. The Supreme Court ruled in February 2026 that IEEPA does not authorize the imposition of tariffs, but did not clarify whether importers could obtain refunds for the estimated $175 billion in taxes they have already paid. The president could resist issuing quick refunds, and he will likely resort to other executive authorities to create a tariff regime of similar scope and magnitude. Congress must act to prevent the continued abuse of presidential tariff powers.

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# [Cato Experts React to the Supreme Court Overruling President Trump’s Tariffs](https://www.cato.org/news-releases/cato-experts-react-supreme-court-overruling-president-trumps-tariffs) 

Following the Supreme Court’s 6–3 decision overruling President Trump’s use of emergency powers to implement widespread tariffs, scholars at the Cato Institute released a series of statements to provide independent analysis on the Supreme Court’s decision.

[Cato Statements](https://www.cato.org/news-releases/cato-experts-react-supreme-court-overruling-president-trumps-tariffs) 

[ ![Supreme Court building](/sites/cato.org/files/styles/content_teaser/public/2021-07/202107_supremecourt.jpg?itok=wLoBnqys) 

](https://www.cato.org/news-releases/cato-experts-react-supreme-court-overruling-president-trumps-tariffs)

# *Key Facts*

![20251112_Complexity_Bucket #2_Tariff Regimes](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/0e54fcbf-636d-4890-b8e6-439395c3d772.jpg) 

- The Trump administration implemented five International Emergency Economic Powers Act (IEEPA) tariff measures—reciprocal tariffs, fentanyl tariffs, Russian oil tariffs (on Indian imports), Brazil tariffs, and trade deals negotiated with foreign countries pursuant to IEEPA.
- As of February 2026, the government owes an estimated $175 billion dollars in refunds to importers who paid IEEPA tariffs. As of mid-December 2025, the government had collected IEEPA duties from about 34 million entries filed by more than 301,000 US importers.
- According to US Customs and Border Protection, IEEPA tariff revenue accounted for more than 60 percent of total tariff revenue from trade enforcement actions (including tariffs collected pursuant to Sections 232, 301, and 201) in 2025.

![20251112_Complexity_Bucket #2_Non-MFN imports](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/4e3135bf-b99f-4da7-8938-8dab13176b1e.jpg) 

- The reciprocal tariffs accounted for 61 percent of total IEEPA tariff revenues as of mid-December 2025. The fentanyl tariffs on imports from China and the tariffs on imports from Mexico and Canada accounted for 28.4 percent of the total and 6.7 percent of IEEPA tariff revenues, respectively.
- The US tariff code was modified more than 50 times in 2025, which represented the most modifications in a single year since 2020. Half of these changes came from tariff actions under IEEPA.
- Nearly 2,000 importers have filed suits at the Court of International Trade seeking refunds for the illegal IEEPA duties. The executive branch has indicated that it will not issue automatic refunds and will instead litigate them in court.

##### Blog Posts 

##### [Surprising (Almost) No One, the US Trade Deficit Is Back to Pre-Tariff Levels](/blog/surprising-almost-no-one-us-trade-deficit-back-pre-tariff-levels) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) and [Chad Smitson](https://www.cato.org/people/chad-smitson) 

##### [Libertarianism: Reports of Its Death Are Greatly Exaggerated](/blog/libertarianism-reports-its-death-are-greatly-exaggerated) 

By [Michael Chapman](https://www.cato.org/people/michael-chapman) 

##### [The Trump Administration Takes Aim at Import Stockpiling](/blog/trump-administration-takes-aim-import-stockpiling) 

By [Alfredo Carrillo Obregon](https://www.cato.org/people/alfredo-carrillo-obregon) and [Clark Packard](https://www.cato.org/people/clark-packard) 

##### [Working-Class Americans Aren’t Sold on Tariffs](/blog/working-class-americans-arent-sold-tariffs) 

By [Emily Ekins](https://www.cato.org/people/emily-ekins) and [Jonah Messinger](https://www.cato.org/people/jonah-messinger) 

##### Media Alerts 

[House Rules Committee Advances Russia Sanctions Bill With New Tariff Power](/news-releases/house-rules-committee-advances-russia-sanctions-bill-new-tariff-power)

September 14, 2026

[SCOTUS Ruling Against Emergency Use of Tariffs](/news-releases/scotus-ruling-against-emergency-use-tariffs)

February 20, 2026

[Cato Experts React to the Supreme Court Overruling President Trump’s Tariffs](/news-releases/cato-experts-react-supreme-court-overruling-president-trumps-tariffs)

February 20, 2026

[Cato Statement on Trump’s Greenland Tariff Threat](/news-releases/cato-statement-trumps-greenland-tariff-threat)

February 19, 2026

#### Multimedia & Events 

[ ![](/sites/cato.org/files/styles/content_teaser_2x/public/brightcove/videos/images/posters/image_39933.jpg?itok=l18RZnnl) 

Cato scholars react to the Supreme Court’s IEEPA ruling 

](/multimedia/media-highlights-tv/cato-scholars-react-supreme-courts-ieepa-ruling) 

[ ![](/sites/cato.org/files/styles/content_teaser_2x/public/brightcove/videos/images/posters/image_36075.jpg?itok=4O4rpFsY) 

The Effects of Tariffs 

](/multimedia/events/effects-tariffs) 

[ ![](/sites/cato.org/files/styles/content_teaser_2x/public/brightcove/videos/images/posters/image_34126.jpg?itok=bWFX7F6L) 

Tariffs, Emergencies, and Presidential Power: A Conversation with Ilya Somin and Walter Olson 

](/multimedia/events/tariffs-emergencies-presidential-power-conversation-ilya-somin-walter-olson) 

[ ![](/sites/cato.org/files/styles/content_teaser_2x/public/brightcove/videos/images/posters/image_35984.jpg?itok=-_ySKowa) 

Presidential Tariff Authorities and the Need for Reform 

](/multimedia/events/presidential-tariff-authorities-need-reform) 

#### IEEPA Analysis 

[![tariffs](/sites/cato.org/files/styles/content_teaser/public/2025-03/tariffs.jpg?itok=H7QV-RVI)](https://www.cato.org/legal-briefs/trump-v-vos-selections-learning-resources-v-trump) 

Legal Briefs 

### [*Trump v. V.O.S. Selections*; *Learning Resources v. Trump*](/legal-briefs/trump-v-vos-selections-learning-resources-v-trump) 

By [Thomas A. Berry](https://www.cato.org/people/thomas-berry) and [Brent Skorup](https://www.cato.org/people/brent-skorup) 

For decades, presidents have used IEEPA to impose economic sanctions on nations or individuals. But this is the first time a President has invoked IEEPA to impose tariffs.

[![tariffs](/sites/cato.org/files/styles/content_teaser/public/2025-08/tariffs.jpg?itok=PNymY7_B)](https://www.cato.org/legal-briefs/learning-resources-inc-v-trump) 

Legal Briefs 

### [*Learning Resources, Inc. v. Trump*](/legal-briefs/learning-resources-inc-v-trump) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome), [Colin Grabow](https://www.cato.org/people/colin-grabow), and [Clark Packard](https://www.cato.org/people/clark-packard) 

This brief is filed by Cato Institute scholars as *amici* in the case. It demonstrates that the government’s claims are inaccurate—and often hysterically so. Instead, the facts show that the tariff authority claimed by the president under IEEPA

[![](/sites/cato.org/files/styles/content_teaser/public/2025-06/Cato%20Podcast_16x9.jpg?itok=sqIRrOPf)](https://www.cato.org/multimedia/cato-podcast/supreme-courts-300-billion-tariff-showdown) 

Cato Weekly Podcast 

### [The Supreme Court’s $300 Billion Tariff Showdown](/multimedia/cato-podcast/supreme-courts-300-billion-tariff-showdown) 

Featuring [Scott Lincicome](https://www.cato.org/people/scott-lincicome) and [Brent Skorup](https://www.cato.org/people/brent-skorup) 

Can a president tax Americans at will under the guise of a national emergency? The Cato Institute’s Scott Lincicome and Brent Skorup dissect the high-stakes Supreme Court battle over Trump’s “fentanyl tariffs,” the broadest assertion of trade power in modern U.S. history. They explore how the case could reshape executive authority, revive dormant constitutional doctrines, and determine whether Congress or the White House truly controls U.S. trade policy.

#### Other Tariff Authorities 

[![Cargo ships against a blue sky](/sites/cato.org/files/styles/content_teaser/public/2023-05/GettyImages-543988758.jpg?itok=G4gkftSN)](https://www.cato.org/briefing-paper/presidential-tariff-powers-need-reform) 

Study 

### [Presidential Tariff Powers and the Need for Reform](/briefing-paper/presidential-tariff-powers-need-reform) 

By [Clark Packard](https://www.cato.org/people/clark-packard) and [Scott Lincicome](https://www.cato.org/people/scott-lincicome) 

Congress has broadly delegated its constitutional tariff powers to the president, and there is a real risk that the legislative and judicial branches would be unwilling or unable to check a future president’s abuse of US trade law as currently written.

[![Harbor with ships](/sites/cato.org/files/styles/content_teaser/public/2022-06/Harbor_with_ships-min.jpg?itok=kkJ7cG_L)](https://www.cato.org/policy-analysis/unfair-trade-or-unfair-protection-evolution-abuse-section-301) 

Study 

### [Unfair Trade or Unfair Protection? The Evolution and Abuse of Section 301](/policy-analysis/unfair-trade-or-unfair-protection-evolution-abuse-section-301) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome), [Inu Manak](https://www.cato.org/people/inu-manak), and [Alfredo Carrillo Obregon](https://www.cato.org/people/alfredo-carrillo-obregon) 

In abusing the statute, President Trump provided a roadmap for Congress to reform Section 301 to ensure that future presidents cannot follow his lead.

[![Tradeports](/sites/cato.org/files/styles/content_teaser/public/2021-03/FCF61189-792C-466B-BC17-5A1FD43C363F.jpeg?itok=vRv6uT7l)](https://www.cato.org/policy-analysis/protectionism-or-national-security-use-abuse-section-232) 

Study 

### [Protectionism or National Security? The Use and Abuse of Section 232](/policy-analysis/protectionism-or-national-security-use-abuse-section-232) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) and [Inu Manak](https://www.cato.org/people/inu-manak) 

With several Section 232 tariffs still in place, and the status of other investigations unclear, the law presents an early test for the Biden administration and a signal about its future trade policy plans.

#### What Comes Next? 

[![tariffs](/sites/cato.org/files/styles/content_teaser/public/2025-03/tariffs.jpg?itok=H7QV-RVI)](https://www.cato.org/blog/emergency-tariff-refunds-theres-easy-way-very-hard-way) 

blog 

### [On “Emergency” Tariff Refunds: There’s an Easy Way and a (Very) Hard Way](/blog/emergency-tariff-refunds-theres-easy-way-very-hard-way) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) 

We don’t know how the Court will rule in this case. If refunds do become a giant and controversial headache, however, we all should know that they didn’t have to be.

[![bicycles](/sites/cato.org/files/styles/content_teaser/public/2025-05/bicycle.jpg?itok=_uKikght)](https://www.cato.org/blog/small-businesses-confront-tariff-onslaught) 

blog 

### [Small Businesses Confront the Tariff Onslaught](/blog/small-businesses-confront-tariff-onslaught) 

By [Colin Grabow](https://www.cato.org/people/colin-grabow) 

The Trump administration’s tariff increases are leading to mounting headaches for American small businesses.

[![trump tariffs](/sites/cato.org/files/styles/content_teaser/public/2025-04/trump%20tariffs%20_0.jpg?itok=woR5NXXk)](https://www.cato.org/blog/tariffs-funded-everything-2025-will-fantasy-continue-2026) 

blog 

### [Tariffs “Funded” Everything in 2025—Will the Fantasy Continue in 2026? \[UPDATE: Apparently, It Will\]](/blog/tariffs-funded-everything-2025-will-fantasy-continue-2026) 

By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) and [Alfredo Carrillo Obregon](https://www.cato.org/people/alfredo-carrillo-obregon) 

2026 will almost certainly bring more (fantastical) proposals for funding new federal programs and policies through tariff revenue.

![Women flipping Open sign on new business.](/sites/cato.org/files/styles/aside_mobile/public/2021-05/202105_business.jpg?itok=7SPUxbdH) 

Share Your Story

Recent actions under the International Emergency Economic Powers Act (IEEPA) have pushed U.S. tariffs to historic levels not seen in nearly a century. We want to hear how these changes are affecting your business or personal finances.

[Submit Your Story](/ieepa-tariffs-share-story) 

### Meet the Experts

[![Scott Lincicome cropped](/sites/cato.org/files/styles/author_picture/public/2023-10/scott-lincicome-square.jpg?itok=qnTH2GB_)](/people/scott-lincicome) 

##### [Scott Lincicome](/people/scott-lincicome)

Vice President, General Economics and Stiefel Trade Policy Center, Cato Institute

[ 

](https://x.com/scottlincicome) [ 

](mailto:slincicome@cato.org) 

[![Colin Grabow](/sites/cato.org/files/styles/author_picture/public/2021-01/Colin%20Grabow.jpg?itok=pNkGPWw4)](/people/colin-grabow) 

##### [Colin Grabow](/people/colin-grabow)

Associate Director, Herbert A. Stiefel Center for Trade Policy Studies

[ 

](https://x.com/cpgrabow) 

[![Clark Packard Square headshot](/sites/cato.org/files/styles/author_picture/public/2022-03/ClarkPackard_sq2.jpg?itok=6QwVlh1V)](/people/clark-packard) 

##### [Clark Packard](/people/clark-packard)

Research Fellow, Herbert A. Stiefel Center for Trade Policy Studies, Cato Institute

[ 

](https://x.com/clark_packard) [ 

](mailto:cpackard@cato.org) 

[![tad_dehaven_cropped](/sites/cato.org/files/styles/author_picture/public/2026-05/tad_dehaven_cropped.jpg?itok=VlufR8k3)](/people/tad-dehaven) 

##### [Tad DeHaven](/people/tad-dehaven)

Policy Analyst, Cato Institute

[ 

](https://twitter.com/DeHavenTad) 

[![Kyle Handley photo](/sites/cato.org/files/styles/author_picture/public/2025-01/kyle-handley%20Cropped.png?itok=XLKqs56Z)](/people/kyle-handley) 

##### [Kyle Handley](/people/kyle-handley)

School of Global Policy and Strategy, University of California San Diego, and Adjunct Scholar, Cato Institute

[![Thomas Berry](/sites/cato.org/files/styles/author_picture/public/2026-02/2025-10-16-Thomas%20Berry-sq_0.jpg?itok=SW7WagUw)](/people/thomas-berry) 

##### [Thomas A. Berry](/people/thomas-berry)

Director, Robert A. Levy Center for Constitutional Studies, Cato Institute

[ 

](https://x.com/Thomas_A_Berry) [ 

](mailto:tberry@cato.org) 

[![Brent Skorup cropped](/sites/cato.org/files/styles/author_picture/public/2024-05/Brent%20Skorup%20cropped.jpg?itok=5Witkb6w)](/people/brent-skorup) 

##### [Brent Skorup](/people/brent-skorup)

Former Legal Fellow, Robert A. Levy Center for Constitutional Studies

[![ilya-somin-cropped.jpg](/sites/cato.org/files/styles/author_picture/public/2023-04/ilya-somin-cropped.jpg?itok=J1IxBVI7)](/people/ilya-somin) 

##### [Ilya Somin](/people/ilya-somin)

Professor of Law, George Mason University, and B. Kenneth Simon Chair in Constitutional Studies, Cato Institute

[ 

](https://x.com/ilyasomin)