The Supreme Court ruled Friday that Trump's sweeping tariffs were illegal. Companies that paid billions in duties are now asking the obvious question: do we get our money back?

Don't Hold Your Breath

The court's ruling was silent on refunds entirely, leaving companies in limbo. Trump made his position clear at a press conference, saying the issue would probably get "litigated for the next two years."

Trade lawyer Ted Murphy of Sidley Austin told clients the ruling does create "a refund opportunity for importers" — but warned it would be neither automatic nor fast. The path forward likely runs through the US Court of International Trade, the same three-judge panel that originally ruled the tariffs illegal in 2025.

Terry Haines of Pangaea Policy was blunter: "Those who think market participants are getting rebates any time soon — or at all — are dreaming."

The Stakes Are Enormous

The Penn Wharton Budget Model estimates a full reversal could generate up to $175 billion in refunds. That's not a rounding error — and it explains why companies have been lawyering up for months.

Costco is one of more than 1,500 companies that have already filed preemptive lawsuits at the Court of International Trade, racing to protect their eligibility before the government closes the window through a process called "liquidation" — a final, binding calculation of tariffs owed.

Trump also moved fast after the ruling, signing an executive order imposing a new 10% global tariff under a different legal authority, then bumping it to 15% the following day.

The money may be recoverable. Getting it back will cost you.