Who owns what to whom? This question about the IEEPA Supreme Court ruling impacting $133 billion of possible tariff refunds is being actively debated in many places, and soon in the courts. There are also lots of questions about how the tariff regime will evolve as the Administration pursues at least three alternative legal paths. Even if the overall tariff collection remains the same by the end of the year, as suggested by Secretary Bessent, the incidence on companies and sectors may be quite different. #economy #tariffs #trade