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Supreme Court Rejects IEEPA Tariff Authority for Trump

8/31/2026

Summary

Story summary

The Supreme Court ruled the International Emergency Economic Powers Act did not authorize President Donald Trump to impose tariffs.
Home Depot received $730 million in refunds and applied $685 million to cost of goods sold, raising Q2 gross margin 0.3%.
Walmart was eligible for $2.9 billion in refunds, still awaiting $100 million, and its U.S. gross profit grew 1.6% in Q2.
AlixPartners said inconsistent accounting of refunds confuses investors analyzing retailer earnings.

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Story summary

The Supreme Court ruled the International Emergency Economic Powers Act did not authorize President Donald Trump to impose tariffs.
Home Depot received $730 million in refunds and applied $685 million to cost of goods sold, raising Q2 gross margin 0.3%.
Walmart was eligible for $2.9 billion in refunds, still awaiting $100 million, and its U.S. gross profit grew 1.6% in Q2.
AlixPartners said inconsistent accounting of refunds confuses investors analyzing retailer earnings.