The US Supreme Court’s decision to strike down the IEEPA tariffs has left a massive $133 billion question regarding the money already collected by the federal government. While trade lawyers believe importers are entitled to refunds, the process is expected to be chaotic and may take 12 to 18 months to materialize. Government agencies like the US Customs and Border Protection are likely to hash out the refund mechanism, though litigation could extend the timeline by several years. Interestingly, consumers who paid higher prices due to passed-on tariff costs are unlikely to be compensated; the refunds will likely stay with the importing companies. This unprecedented legal situation has sparked demands for refunds from various US state governors, citing the heavy cost burden on local households.