In a blow for President Donald Trump’s tariff agenda, the U.S. Supreme Court ruled on Feb. 20 that the Trump administration exceeded its authority under the International Emergency Economic Powers Act in a 6-3 decision. In other words, they deemed that the sweeping tariffs he issued on Liberation Day against nearly every U.S. trading partner were unlawful. Now, many people in the retail industry, whose companies have been impacted by these tariffs, are left wondering what will happen next in the days and weeks to come.

In this emergency episode of the Modern Retail Podcast, executive editor Anna Hensel, special projects editor Melissa Daniels and senior reporter Gabriela Barkho break down what the Supreme Court ruling means for brands and retailers. They get into:

Their initial reactions to the news that the Supreme Court struck down President Trump’s tariffs.

 Whether or not brands and retailers will be able to get refunds for the tariffs they paid over the past year.

 What this could mean in the push for more domestic manufacturing.

 What they’ll be watching next as President Trump vows to impose his tariffs agenda through other means.