The U.S. court system is currently addressing legal challenges to tariffs imposed under former President Donald Trump's administration. The Federal Circuit has questioned the extensive scope of Trump's claimed authority to impose these tariffs, which has led to ongoing litigation over the president's ability to enact such trade measures. Key legal debates include the fate of tariff revenues already collected if courts rule the tariffs illegal, with potential refunds to taxpayers under consideration. Market analysts, including Lale Akoner from eToro, warn that the risk of these tariffs being overturned is underestimated, which could result in a prolonged process for reimposing tariffs and financial implications for the government. Barclays has noted that markets are increasingly focused on the economic impact of these tariffs. Allies of those challenging the tariffs are seeking broad court rulings in suits related to the International Emergency Economic Powers Act (IEEPA). Upcoming legal deadlines and events remain critical to the resolution of this trade dispute.