• US Supreme Court struck down Trump's emergency tariffs, ruling them illegal.
• Over $175 billion in tariffs could potentially be refunded to affected businesses.
• The refund process is expected to be slow, complex, and might take years.
• Legal challenges are anticipated, particularly affecting smaller businesses.
• Existing tariffs on other goods, particularly automobiles, remain intact.

In a landmark ruling, the US Supreme Court declared the emergency tariffs imposed by former President Donald Trump under the International Emergency Economic Powers Act (IEEPA) were illegal. With the ruling potentially paving the way for over $175 billion in tariff refunds, businesses are now bracing for a complex and protracted refund process, according to Reuters, Reuters, India Times, and Al Jazeera.

The ruling has been a major win for numerous American businesses that struggled to navigate the complex and shifting trade policies implemented by the previous administration. Following the Supreme Court's decision, stock markets responded positively, indicating investor optimism related to the ruling, especially among affected companies in sectors such as luxury goods, automotive, and consumer goods, reports Reuters, India Times, and Al Jazeera.

However, the court did not offer clear guidance on how refunds would be processed, leaving many importers uncertain. Justice Brett Kavanaugh, in his dissent, indicated that the logistics of distributing refunds would likely be a complicated and challenging "mess," with the U.S. Court of International Trade set to oversee this process, according to India Times and Al Jazeera.

Legal experts warn that the process may disadvantage smaller businesses, which might not have the resources to navigate the multifaceted legal requirements to claim refunds. It is anticipated that many businesses will have to initiate individual lawsuits, complicating and prolonging the refund process, as highlighted by various sources, including Reuters, India Times, and Al Jazeera.

Despite this ruling, several tariffs remain enforced, including substantial duties on automobiles, raising concerns about continued costs for businesses and consumers alike. Analysts stress that the uncertainty surrounding other tariffs may persist, as Trump’s administration considers alternative legal avenues to implement similar levies in the future, according to Reuters and Al Jazeera.