Viewpoints
Opinion

Supreme Court Tariff Ruling: Fears of a $200 Billion Refund Are Unjustified

The current trade deals have proven to be positive for global trade, growth, and all parties involved.
Supreme Court Tariff Ruling: Fears of a $200 Billion Refund Are Unjustified
A news conference by President Donald Trump on tariffs is displayed on a television as traders work on the floor of the New York Stock Exchange during afternoon trading in New York City on Feb. 20, 2026. Michael M. Santiago/Getty Images
Daniel Lacalle
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Commentary

The market’s reaction to the Supreme Court’s ruling on the Liberation Day tariffs exaggerates the negatives and ignores the options available to the Trump administration.

Daniel Lacalle
Daniel Lacalle
Author
Daniel Lacalle, Ph.D., is chief economist at hedge fund Tressis and author of the bestselling books “Freedom or Equality” (2020), “Escape from the Central Bank Trap” (2017), “The Energy World Is Flat”​ (2015), and “Life in the Financial Markets.”