What are the key takeaways from this The Indicator episode?

Key insights include: **Constitutional tariff authority:** Congress holds tariff power under the Constitution, meaning any delegation to the executive branch must be explicit and constrained. IEEPA never explicitly granted tariff authority, so Trump's reliance on it was ruled invalid by a 6-3 majority.; **Tariff refund uncertainty:** Over $100 billion in IEEPA-collected tariffs may be refundable to businesses, but no legal mechanism currently exists to process claims. Businesses should monitor litigation developments closely, as refund eligibility will likely require years of additional court proceedings.; **Presidential tariff workarounds:** Trump immediately pivoted to Section 122, a statute that grants limited, constrained tariff authority, announcing a 10% global tariff. Businesses should expect similar tariff levels to persist, just operating under a different and more legally defensible statutory framework.

What did Daniel Harberger and Ted Murphy discuss on The Indicator?

The Supreme Court ruled 6-3 that Trump's IEEPA-based tariffs are unconstitutional, stripping presidential authority to impose unlimited tariffs unilaterally, while over $100 billion in collected tariffs may require refunds through future litigation. Key topics include: **Constitutional tariff authority:** Congress holds tariff power under the Constitution, meaning any delegation to the executive branch must be explicit and constrained. IEEPA never explicitly granted tariff authority, so Trump's reliance on it was ruled invalid by a 6-3 majority.; **Tariff refund uncertainty:** Over $100 billion in IEEPA-collected tariffs may be refundable to businesses, but no legal mechanism currently exists to process claims. Businesses should monitor litigation developments closely, as refund eligibility will likely require years of additional court proceedings..

How long is this episode of The Indicator?

This episode is 8 minutes long. SignalCast provides an AI-generated summary so you can get the key insights in about 3 minutes.

The Indicator

Can I get my tariff money back now?

February 21, 2026

8 min episode · 2 min read

Daniel Harberger,Ted Murphy

Episode

8 min

Read time

2 min

Topics

Career Growth, Fundraising & VC, Leadership

AI-Generated Summary

Published Feb 22, 2026

Key Takeaways

✓Constitutional tariff authority: Congress holds tariff power under the Constitution, meaning any delegation to the executive branch must be explicit and constrained. IEEPA never explicitly granted tariff authority, so Trump's reliance on it was ruled invalid by a 6-3 majority.
✓Tariff refund uncertainty: Over $100 billion in IEEPA-collected tariffs may be refundable to businesses, but no legal mechanism currently exists to process claims. Businesses should monitor litigation developments closely, as refund eligibility will likely require years of additional court proceedings.
✓Presidential tariff workarounds: Trump immediately pivoted to Section 122, a statute that grants limited, constrained tariff authority, announcing a 10% global tariff. Businesses should expect similar tariff levels to persist, just operating under a different and more legally defensible statutory framework.
✓Business impact of tariff costs: Pet products company Woof spent hundreds of thousands of dollars on IEEPA tariffs, diverting funds from hiring, distribution, and product development. Business owners facing tariff exposure should document all tariff payments now to preserve potential refund claims.

What It Covers

The Supreme Court ruled 6-3 that Trump's IEEPA-based tariffs are unconstitutional, stripping presidential authority to impose unlimited tariffs unilaterally, while over $100 billion in collected tariffs may require refunds through future litigation.

Key Questions Answered

•Constitutional tariff authority: Congress holds tariff power under the Constitution, meaning any delegation to the executive branch must be explicit and constrained. IEEPA never explicitly granted tariff authority, so Trump's reliance on it was ruled invalid by a 6-3 majority.
•Tariff refund uncertainty: Over $100 billion in IEEPA-collected tariffs may be refundable to businesses, but no legal mechanism currently exists to process claims. Businesses should monitor litigation developments closely, as refund eligibility will likely require years of additional court proceedings.
•Presidential tariff workarounds: Trump immediately pivoted to Section 122, a statute that grants limited, constrained tariff authority, announcing a 10% global tariff. Businesses should expect similar tariff levels to persist, just operating under a different and more legally defensible statutory framework.
•Business impact of tariff costs: Pet products company Woof spent hundreds of thousands of dollars on IEEPA tariffs, diverting funds from hiring, distribution, and product development. Business owners facing tariff exposure should document all tariff payments now to preserve potential refund claims.

Notable Moment

Justice Brett Kavanaugh, dissenting, raised alarm about the practical chaos of refunding over $100 billion already collected — a concern even Trump echoed, predicting the refund question would require two more years of litigation.

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Episode Transcript

This message comes from Mint Mobile. Starting at $15 a month, make the switch at mintmobile.com/switch. $45 upfront payment for three months. Five gigabyte plan equivalent to $15 a month. Taxes and fees extra. First three months only. See terms. NPR. Yesterday morning, the Supreme Court dropped an economic bombshell. In a six to three decision, it struck down a huge portion of the tariffs president Trump imposed over the past year. The court says the Trump administration has been relying on a law that doesn't actually give him authority to levy tariffs. The Supreme Court's ruling on tariffs is deeply disappointing. President Trump at a news conference yesterday. And I'm ashamed of certain members of the court, absolutely ashamed for not having the courage to do what's right for our country. This decision has big consequences for the economy. So what happens next? That is what we're talking about in this special bonus episode of the indicator from Planet Money. I'm Darienne Woods. And I'm Adrienne Ma. After the break, a trade lawyer will help us break down the court's decision, and we'll talk with a small business owner about what he's hoping will happen next now that tariff refunds might be on the table. So can you tell me just, how you're feeling this morning? I appreciate you asking. You know, I I am, I am feeling fine. To help us unpack the Supreme Court's decision, we reached out to Ted Murphy. He's a lawyer for the law firm Sidley Austin, where he specializes in global trade. When a decision this big comes down for somebody like you, are you sort of like a kid on Christmas morning and you're like, I can't wait to tear open the the box and see what's inside? Yeah. Yeah. Although, I guess I will say, I mean, yes. While there is a little bit of that sort of opening, present on Christmas morning, reading the opinion, you've gotta sorta transition pretty quickly into, okay, now what does this mean sort of in the real world? And we'll get to what this means in the real world. But first, let's recap how we got here. So about a year ago, president Trump got up on the world stage, turned to all our trading partners, and said, everybody's gonna get tariffed. You know? Tariffs were everywhere. A island with just penguins or if you're one of America's largest trading partners, everybody gets a tariff. Yes. And, wow, there were so many tariffs. There were the universal tariffs he placed on basically all imported goods. There were the so called reciprocal tariffs that he placed on specific countries. And, of course, there were also the tit for tat tariff snafus that he got in with, China, Mexico, and Canada. And the legal justifications the Trump administration gave for many of these tariffs was a statute called the International Emergency Economic Powers Act or IIPA. So Ted Murphy says IIPA basically has two parts to …

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