New Delhi, Feb. 20 -- The US Supreme Court on Friday (February 20) struck down President Donald Trump's sweeping global tariffs, ruling that his use of emergency powers to impose broad import taxes was illegal. The decision, handed down in a 6-3 vote, leaves the White House facing the prospect of refunding tens of billions of dollars to importers.

Economists at the Penn-Wharton Budget Model (PWBM) estimate that more than $175 billion in tariff collections could be subject to refunds if the International Emergency Economic Powers Act (IEEPA)-based tariffs are invalidated. The model, led by senior economist Lysle Boller, cross-references import data across 11,000 product categories and 233 countries to produce its forecasts.

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