Overview
- In a 6–3 decision written by Chief Justice John Roberts, the Court held the emergency statute did not authorize the president to impose tariffs.
- More than $200 billion in duties collected since 2025 were invalidated, with refund mechanics left to lower courts and U.S. Customs and Border Protection; President Trump predicted years of litigation as Justice Brett Kavanaugh cautioned the process could be messy.
- Wired reported that Cantor Fitzgerald began buying companies’ refund rights in mid-2025 for 20–30% of face value, and a firm letter cited a completed deal of about $10 million with capacity for hundreds of millions more.
- Commentators on X asserted those stakes could return roughly 3–5 times the initial outlay if refunds are paid, though the size of Cantor’s holdings and any eventual payouts are not publicly known.
- Commerce Secretary Howard Lutnick, a vocal supporter of the tariffs, left Cantor to join the administration, and his sons Brandon and Kyle now run the firm, prompting intensified conflict-of-interest questions.