Anticipation is high among market analysts as they await the U.S. Supreme Court’s verdict on the consolidated cases of Learning Resources, Inc. v. Trump and V.O.S. Selections v. Trump. This decision will shape the extent of the Trump administration’s power to impose tariffs under the International Emergency Economic Powers Act (IEEPA). If the court rules in favor of President Donald Trump’s use of the IEEPA, he will not face the obligation to refund importers who have already paid tariffs under these provisions.

Alternatively, the Supreme Court might limit Trump’s authority under the IEEPA and mandate partial reimbursements to importers. Although many anticipated a decision last Friday, it did not materialize, leaving the upcoming Wednesday as the next scheduled release of court rulings.

On Monday, Trump expressed his apprehension on Truth Social, signaling potential concerns if the Supreme Court opposes his tariff actions under the IEEPA.

According to RedState, the lawsuit’s plaintiffs include a mix of small business interests. However, the major financial support for this legal challenge comes from conservative circles, notably led by Leonard Leo, a key figure in conservative judicial advocacy and a co-founder of the Federalist Society. Despite his past involvement in shaping Trump’s judicial nominations, Leo is no longer aligned with Trump 47. His organizations, with backing from Donors Trust, have invested heavily in efforts to undermine Trump’s tariff policies.

Trump Administration Announces Adjustments to Certain Tariffed Imports for the New Year

— Rapid Response 47 (@RapidResponse47) January 12, 2026

The actual numbers that we would have to pay back if, for any reason, the Supreme Court were to rule against the United States of America on Tariffs, would be many Hundreds of Billions of Dollars, and that doesn’t include the amount of “payback” that Countries and Companies would require for the Investments they are making on building Plants, Factories, and Equipment, for the purpose of being able to avoid the payment of Tariffs. When these Investments are added, we are talking about Trillions of Dollars! It would be a complete mess, and almost impossible for our Country to pay. Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question. It may not be possible but, if it were, it would be Dollars that would be so large that it would take many years to figure out what number we are talking about and even, who, when, and where, to pay. Remember, when America shines brightly, the World shines brightly. In other words, if the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!

PRESIDENT DONALD J. TRUMP

As RedState reported, the plaintiffs named in the suit are a conglomeration of small business concerns, but the real money backers of this legal challenge lean conservative, and conservative judicial activist and Federalist Society founder Leonard Leo — who was instrumental in steering the judicial appointments for Trump 45 but is now no longer in Trump 47’s circle of trust — is among the top funders. Leo’s organizations, backed by Donors Trust, have poured major money into this endeavor to see Trump’s tariffs fail.

Trump Administration Announces New Year Adjustments to Certain Tariffed Imports

Secretary of the Treasury Scott Bessent’s tone on how he thought the SCOTUS might rule seemed less than optimistic.

Treasury Secretary Scott Bessent himself said Thursday he expects a “mishmash” ruling.

“What is not in doubt is our ability to continue collecting tariffs at roughly the same level, in terms of overall revenues,” Bessent said during an appearance in Minneapolis. “What is in doubt, and it’s a real shame for the American people, was the president loses flexibility to use tariffs both for national security, for negotiating leverage.”

National Security seems to be the thrust behind Trump’s desired use of tariffs. On Monday, he turned that ability to impose tariffs against the Iranian regime.

#NOW TRUMP:

“Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. pic.twitter.com/w5wyJFCRDw

— Conflict Radar (@Conflict_Radar) January 12, 2026

However, other members of the Cabinet offered more optimism. National Economic Council Director Kevin Hassett signaled that the administration had workarounds in the event the SCOTUS decision was not in their favor.

National Economic Council Director Kevin Hassett said Friday that the White House could deploy alternative measures if the Supreme Court rules against President Donald Trump’s use of emergency powers to impose sweeping levies.

“There was a big call last night with all the principals to talk about if the Supreme Court were to rule against this IEEPA tariff, what would the next step be?” Hassett said on CNBC’s “Squawk on the Street,” referring to the administration’s use of the International Emergency Economic Powers Act.

“There are a lot of other legal authorities that can reproduce the deals that we’ve made with other countries, and can do so basically immediately. And so our expectation is that we’re going to win, and if we don’t win, then we know that we’ve got other tools that we could use that get us to the same place,” he said.

Hassett said U.S. Trade Representative Jamieson Greer has been closely involved in mapping out contingency plans.

Trump is skilled at both igniting conversation and turning foreign policy and international relations on their head, and he has hit the mother lode with pushing tariff policy to the degree he has. Whatever the SCOTUS decision, the world has gotten used to, and even been enlightened on the concept of tariffs and how they could affect foreign policy. Now it’s time for Trump to educate on how it will ultimately affect the average American’s bottom line.

Editor’s Note: Thanks to President Trump and his administration’s bold leadership, we are respected on the world stage, and our enemies are being put on notice.