Last Friday, the Supreme Court struck down President Trump’s IEEPA tariffs in a landmark 6-3 decision. In this episode of The Deduction, hosts Kyle Hulehan and Erica York break down what the ruling actually means, from how collections could be refunded to how the administration is already scrambling to put new tariffs in place. Erica walks through why businesses may face even more uncertainty in the near term as a messy patchwork of replacement tariffs takes shape.

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TIMESTAMPS:
0:00 – Weekend tariff chaos and IEEPA "pdu"
2:00 – What the Supreme Court decided on IEEPA tariffs
4:36 – Which tariffs were struck down (Liberation Day, fentanyl, and more)
5:42 – Will importers get refunds on $160 billion in unlawful collections?
7:54 – Does the ruling improve the economic outlook?
9:00 – What tariff authority does the president still have?
9:42 – Updated Tax Foundation tariff model numbers
12:00 – Section 122 explained: 150-day tariffs and legal questions
14:00 – Section 232, Section 301, and the coming patchwork of tariffs
15:42 – The compliance and administrative waste of tariff policy
17:00 – Can Congress step in and reclaim tariff authority?

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RESOURCES:
Tax Foundation Tariff Tracker: https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/
Tax Foundation IEEPA Tariff Analysis: https://taxfoundation.org/tags/ieepa/

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CONTACT:
Email: podcast@taxfoundation.org
Twitter/X: @DeductionPod
Twitter/X: @EricaDYork
Drop a comment below with your tax questions.

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ABOUT:
The Deduction is a podcast by the Tax Foundation, the world's leading independent tax policy nonprofit. The Tax Foundation has been providing trusted, nonpartisan tax research and analysis since 1937.

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The One Big Beautiful Bill Act capped off a hectic year for tax policy. It extended key Tax Cuts and Jobs Act provisions, reshaped the outlook for 2026, and raised fresh questions about the deficit.

In this episode, Kyle Hulehan and Erica York are joined by Daniel Bunn, President and CEO, and Jared Walczak, Vice President of State Projects, to break down what the law did, walk through our projections, and zoom out to other defining fights of 2025: Trump's "Liberation Day" tariffs, the Supreme Court challenge over presidential tariff power, and the growing wave of property tax revolts across the states.

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In this episode of The Deduction podcast, host Kyle Hulehan and co-host Erica York are joined by Alex Durante, Senior Economist at the Tax Foundation, to discuss the Supreme Court's upcoming decision on whether the president can impose $2.2 trillion in tariffs under the International Emergency Economic Powers Act (IEEPA).

The conversation covers the origins and implications of these tariffs, their economic impact on consumers and businesses, and the potential outcomes of the court ruling. They also explore the broader theme of presidential authority in trade regulation and the possible legislative responses. Stay tuned for an insightful breakdown of the tariff landscape and its future implications.

00:00 Introduction and Bananas

00:36 Welcome to The Deduction Podcast

01:15 Tariffs and Presidential Authority

04:15 Impact of Tariffs on Consumers and Businesses

06:58 Bananas as a Case Study

08:42 Personal Stories of Tariff Impact

10:43 Legal Battle Over Tariffs

14:25 Future of Tariff Policies

20:53 Congress vs. Presidential Power

23:32 Conclusion and Listener Engagement

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