The ruling has put at risk what had been, until recently, a meaningful new stream of federal income. Trump’s original IEEPA tariffs—which included rates as high as 20% on Chinese goods, 15% on EU imports, and 50% on Brazil—were generating significant customs receipts that fiscal analysts had factored into deficit projections. The Congressional Budget Office’s February 2026 baseline included that revenue; the Supreme Court’s decision effectively erased it.
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