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Kevin O’Leary, a millionaire investor and well-known figure from “Shark Tank,” has sounded the alarm about the potential financial fallout businesses may face following a recent Supreme Court decision. This ruling, which was handed down on Friday, blocks former President Trump’s use of emergency powers to enforce extensive tariffs.
In a decisive 6-3 vote, the Supreme Court declared that many of the tariffs imposed by the Trump administration on international trade partners were unconstitutional. The court determined that Trump’s reliance on the International Emergency Economic Powers Act to justify these hefty tariffs was not lawful.
Speaking with CNN’s Kasie Hunt, a visibly frustrated O’Leary shared that his office was inundated with calls from lenders and shareholders, all demanding the return of their investments in light of the court’s decision. “The Supreme Court has created a nightmare scenario,” O’Leary remarked, highlighting the chaos the ruling has unleashed. He expressed his bewilderment, stating, “They themselves admitted it was a mess. What steps am I supposed to take now?”
In response to this conundrum, O’Leary is planning to seek an audience with White House officials during Trump’s upcoming State of the Union address. His goal is to gain some clarity on how to navigate this regulatory upheaval, as he faces pressure from multiple angles to ensure compliance. “I need some guidance,” he emphasized, “because I’m feeling the squeeze from both the top and the bottom.”
In an interview with CNN’s Kasie Hunt, an exasperated O’Leary said his office received several phone calls from lenders and shareholders demanding “their money back” following the ruling.
“The Supreme Court, they’ve caused a nightmare here,” the “Shark Tank” investor said. “They called it a mess themselves. What am I supposed to do next?”
O’Leary said he plans to try to meet with White House staffers at Trump’s State of the Union address next week to ask for “some guidance, because my head’s getting squeezed from the top and the bottom to be compliant.”
He also noted that “every business in America is going through this right now” and said he’s working to hire “thousands” of accountants and lawyers as a resource for business owners.
The Supreme Court did not provide guidance on potential tariff refunds in its Friday ruling to lower courts, which will inevitably face questions about the process. In anticipation of the decision, hundreds of U.S. businesses filed lawsuits demanding refunds for the money lost to cover these tariff costs.
U.S. businesses and consumers carried the brunt of Trump’s hiked tariffs. A recent report from the Federal Reserve Bank of New York found that businesses and consumers shouldered 90 percent of the costs of these tariffs, despite the White House’s promises that it would be covered by foreign trading partners.
“We are the backbone of the economy. We just need to know the rules,” O’Leary said. “You just have to tell us. We’re happy to abide by the rules.”
The high court’s ruling has brought in mixed reactions across the political spectrum. Justices Neil Gorsuch and Amy Coney Barrett, both appointed by Trump, ruled in the majority against the tariffs.
The president lashed out at the duo for supporting the decision, which he called “disappointing.”
“What happened today with the two United States Supreme Court Justices that I appointed against great opposition, Neil Gorsuch and Amy Coney Barrett, whether people like it or not, never seems to happen with Democrats,” Trump wrote Friday on Truth Social. “They vote against the Republicans, and never against themselves, almost every single time, no matter how good a case we have.”
He praised Justices Brett Kavanaugh, Samuel Alito and Clarence Thomas for their dissent.
“My new hero is United States Supreme Court Justice Brett Kavanaugh and, of course, Justices Clarence Thomas and Samuel Alito,” the president wrote Saturday. “There is no doubt in anyone’s mind that they want to, MAKE AMERICA GREAT AGAIN!”
The comments come after Trump said he signed an executive order imposing a 10 percent tariff on imports from countries around the world.