Tariff Decision Leaves Businesses Facing New Uncertainties

But as The Wall Street Journal (WSJ) reported Sunday, CEOs aren’t declaring victory just yet, as a number of issues remain unresolved, such as the question of whether refunds will happen, or how to proceed without angering either the White House or price-conscious consumers.

Mark Mintman, chief financial officer for Kids2, an Atlanta-based baby product and toy manufacturer, told WSJ he found out about the decision via text while on vacation in Florida. He said he entered the 170-page ruling into ChatGPT to get a summary.

“My emotional response is muted,” said Mintman, given the uncertainty and potential for new tariffs. “I’ll take this as a tiny win.”

Kids2, the report added, sold nearly half of its potential refund value, which it estimates is roughly $15 million, to a hedge fund to recover some of the cost. The fund will also help with legal action needed to go after a refund. The uncertainty around refunds “is a big reason we made the agreement,” said Mintman.

According to the report, trade groups are hopeful that companies will be able to quickly collect refunds, though others are less confident.

“It doesn’t appear that it’s going to be automatic,” said David Dorey, a partner at law firm Fisher Phillips. “There are open questions about what does that mean and is it worth it?”

In their 6-3 decision last week, the court found that the Trump administration did not have authority — as it had claimed — to impose tariffs under the International Emergency Economic Powers Act (IEEPA). That authority, the ruling said, lies with Congress.

The uncertainty businesses are feeling in the wake of the ruling follows months of uncertainty about the effect the tariffs might have, as chronicled by PYMNTS Intelligence.

“Across multiple Certainty Project studies, executives described an environment in which policy volatility, rather than underlying demand alone, became a dominant variable in planning,” PYMNTS wrote.

“Goods-focused firms, in particular, reported rising concern about input costs, sourcing stability and delivery timelines. Services firms expressed comparatively lower exposure, although they too acknowledged secondary effects flowing through customers and partners.”

Research by PYMNTS Intelligence found that more than half of the heads of payments at goods companies believed tariffs would negatively impact their firms, with nearly 90% expecting delivery delays, shortages or higher raw material costs.

By the summer of 2025, 75% of chief financial officers had increased prices, although 60% still reported dwindling profit margins.