Penn-Wharton Budget Model

Company

Last mentioned: Feb 21, 2026

Timeline

  1. Refund Demands

    Governors Newsom and Pritzker demand immediate repayment of $130B+ to taxpayers.

  2. Refund Demands

    Governors Newsom and Pritzker demand immediate repayment of $130B to taxpayers.

  3. SCOTUS Ruling

    The Supreme Court strikes down the tariffs as an illegal use of executive power.

  4. SCOTUS Ruling

    Supreme Court rules 6-3 that the tariffs are illegal and exceed executive authority.

  5. Legal Challenges Mount

    Multiple states and trade groups file suit against the Treasury Department.

  6. Legal Challenges Peak

    Multiple lawsuits from importers and state AGs reach the appellate level.

  7. Tariffs Imposed

    The Trump administration invokes emergency powers to implement broad trade tariffs.

  8. Tariff Implementation

    Trump administration invokes emergency powers to impose sweeping global tariffs.

Stories mentioning Penn-Wharton Budget Model 2

market-trends Bearish

SCOTUS Voids Trump Tariffs: Governors Demand $130B in Consumer Refunds

Following a landmark Supreme Court ruling striking down emergency-power tariffs, Democratic governors are demanding the federal government refund over $130 billion to American households. Governors Gavin Newsom and J.B. Pritzker argue the illegal duties inflated retail prices and harmed working families, setting the stage for a massive fiscal and legal battle.

2 sources
regulation Bearish

SCOTUS Strikes Down Trump Tariffs: Governors Demand $130B in Refunds

The US Supreme Court has ruled 6-3 that the Trump administration's emergency tariffs are illegal, prompting Democratic governors to demand immediate restitution. Governors Gavin Newsom and J.B. Pritzker are leading a multi-state push for the Treasury to refund over $130 billion collected from importers and passed on to consumers.

2 sources