IEEPA lets a president regulate economic transactions after declaring a national emergency. It was the legal basis for a large share of the tariffs imposed from 2025.
On 20 February 2026 the Supreme Court held, 6 to 3, that the Act confers no authority to impose tariffs. The Court of International Trade then ordered the duties collected under it refunded, and by mid-2026 the Treasury's monthly statements showed customs refunds exceeding gross collections.
For a paper that reads the ledger, IEEPA matters as the reason a revenue line turned negative.