Trade War 2.0, Tariffs and Inflation

The aftermath of SCOTUS’ tariff decision.

The President is using Section 122 of the Trade Act of 1974 to impose tariffs on most foreign imports. But unlike his previous tariffs, these will expire in 150 days unless Congress extends them.

Many consumers now are wondering whether they’ll get any money back or will refunds — if there are any — just go to businesses?

The Supreme Court’s decision eliminated a large number of the Trump Administration’s tariffs, but other tariffs, unrelated to the International Emergency Economic Powers Act, remain.

Even after Friday’s SCOTUS decision, corn and soybean farmer April Hemmes doesn’t expect China to start buying American soybeans like they used to.

The Budget Lab at Yale has been tracking the economic impacts of the Trump administration’s tariffs since shortly after “Liberation Day” in 2025.

The tactic, which can be legally gray, involves shipping goods through a country with lower tariffs.

It’s been a confusing ride. Here’s a timeline of what is happening and what tariffs are currently in place.

The Supreme Court released a decision Friday finding that the president does not have the authority to impose tariffs under the International Emergency Economic Powers Act.

Wholesale inventories ticked up just 0.2% in December compared to the month before. It’s a sign inventories have stabilized since widespread tariffs were enacted last year.