Supreme Court Overturns Trump Tariffs: What Businesses Need to Know
Feb 25, 2026
On Friday, February 20, 2026, the Supreme Court ruled President Trump’s emergency tariffs unconstitutional, marking a pivotal moment in trade policy. In a 6-3 decision, the Court determined that President Trump’s use of the International Emergency Economic Powers Act (IEEPA) exceeded the scope of authority granted by Congress. Chief Justice John Roberts, writing for the majority, stated: “The president asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope. In light of the breadth, history, and constitutional context of that asserted authority, he must identify clear congressional authorization to exercise it.”
While the decision invalidates the IEEPA tariffs, the Court did not address whether or how the government will return the estimated $129–$175 billion in IEEPA tariff revenue already collected from importers. Justice Kavanaugh, in his dissent, cautioned that “refunds of billions of dollars would have significant consequences for the U.S. Treasury.”
Notably, the ruling does not entirely preclude the use of tariffs as a strategic tool. Following the Court’s action, President Trump proposed a 10% global tariff under Section 121 of the Trade Act of 1974, subsequently increasing his proposal to 15% the next day.
This evolving landscape leaves businesses and trading partners navigating considerable uncertainty. With other statutory authorities still available, organizations should closely monitor developments and reassess their exposure and strategies in light of ongoing regulatory and economic changes.
We are closely monitoring ongoing developments and will promptly share any notable updates or guidance as changes unfold. If you have questions regarding tariff refunds, financial impacts, or supply chain adjustments, please reach out to your engagement team—we are committed to supporting you through these transitions. To sign up for our news and insights, click here.
Categories: Manufacturing & Distribution
Trump Accounts: Eligibility, Benefits, and Federal Contributions for Children
Feb 24, 2026
The introduction of new “Trump Accounts,” beginning in 2025, has generated considerable attention, particularly regarding the proposed $1,000 federal government contribution for eligible newborns. Additionally, numerous companies and philanthropists have publicly committed to making supplementary contributions, further amplifying the impact of these accounts.
What does this mean for your child, and what should you, as a parent, be aware of? Below, our team of tax CPA’s has outlined the key information, critical considerations, and actionable insights to help you navigate these developments and make informed decisions.
What are Trump Accounts?
Trump Accounts are a new custodial-style IRA retirement account for minors, introduced under the Working Families Tax Cuts Act. These accounts allow parents, guardians, and authorized individuals to establish a dedicated savings account for their child’s future, offering unique federal and philanthropic contributions.
Who is eligible for a Trump Account?
Any U.S. citizen with a valid Social Security number and who is under 18 years of age on December 31 of the year the account is opened, may be eligible for a Trump Account. Only one account per child is permitted. In order to receive the pilot program contribution of $1,000, the child must be born between Jan. 1, 2025, and Dec. 31, 2028.
What is the “Dell Gift” or Michael & Susan Dell Contribution?
The Michael & Susan Dell Foundation will provide a $250 charitable deposit, known as the Dell Gift, into Trump Accounts for eligible children aged 10 or younger living in ZIP codes with a median family income below $150,000. This benefit is reserved for children not eligible for the $1,000 government seed money, targeting up to 25 million children born before January 1, 2025. Parents must enroll through the Trump Accounts program to claim this contribution.
How much can you contribute?
Families, friends and employers can make non-deductible contributions of up to $5,000 per year per child.
When can the funds be used?
At age 18, the account is controlled by the child for whom it was established. At that time, funds can be accessed without penalty for qualified expenses like education, a first home purchase, or starting a business. Withdrawals will be subject to restrictions and account earnings will be taxed at ordinary income rates.
How do I open a Trump Account for my child?
Opening a Trump Account starts with an election process through the IRS—either by filing IRS Form 4547 or using the upcoming online tool at trumpaccounts.gov. Elections are scheduled for mid-2026, with accounts becoming available July 5, 2026. Once the election is complete, the Treasury will provide instructions to activate the account.
Trump Accounts represent a groundbreaking opportunity for families to secure their children’s financial futures, leveraging both federal and philanthropic contributions. By understanding eligibility criteria, contribution limits, and withdrawal guidelines, parents can make informed decisions that maximize the benefits of these custodial IRAs for minors. Stay proactive by preparing for the enrollment process and monitoring updates from the IRS and participating organizations. For more information and timely updates, visit the official Trump Accounts website or consult with a financial advisor.
Categories: Tax Planning