Gavin Bade

The Supreme Court did not weigh in to say what happens.

This means that it will probably be litigated in lower courts.

And the president said at a press conference that you'll probably be in court for five years sorting this out.

So whether or not that means that they're going to fight this tooth and nail for that long,

I am not sure, but there's no easy resolution to the refunds issue, at least in the short term.

At this point, I think those tariffs, the new ones he announced, are more legally defensible than the ones that were struck down.

So he announced there's two sets of tariffs that he's talking about.

The first one, it's under what's called Section 122.

And this allows the president to impose tariffs for up to 150 days.

It's very time limited.

He said we will impose a 10% tariff across the globe.

So kind of reinstituting his global minimum tariff that he had done under IEP.

The International Emergency Economic Powers Act.

So that tariff authority will act as a stopgap while they get other tariffs ready.

And those other tariffs will come under what's called Section 301 of the Trade Act.

That is also a very legally defensible option.

There are many tariffs already on the books under Section 301.

It's also what Trump used in his first term for tariffs on China.

But the whole thing is you have to do an investigation.

You have to gather evidence.