Kevin O’Leary: Supreme Court Tariff Ruling Could Force $175 Billion Refund Crisis for American Businesses

Investor and “Shark Tank” star Kevin O’Leary condemned the Supreme Court’s Friday ruling that President Donald Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) when issuing broad emergency tariffs.

In a CNN segment on “The Arena with Kasie Hunt,” O’Leary labeled the 6-3 decision a “nightmare” and criticized the court for creating chaos by declaring the IEEPA does not permit presidents to impose sweeping tariffs. He emphasized that while reciprocal tariffs—such as a 10% value-added tax—are standard practice, punitive measures used during the period under review were unlawful without congressional consultation.

O’Leary warned that American companies now face potential refunds of roughly $150 billion in tariffs already paid to federal agencies, with some economists estimating total exposure could surpass $175 billion. He stressed the disproportionate impact on small businesses: “Where does he sit in this now?” O’Leary asked, referring to average entrepreneurs who must navigate complex refund processes to comply with the ruling.

The investor described the situation as a “major compliance cost” that would burden workers and businesses nationwide. He added, “This isn’t going to help the people that employ half the people in America.” To address the fallout, O’Leary plans to launch a resource platform at wondertrust.com hiring hundreds of accountants and lawyers to manage refunds across affected companies.

O’Leary concluded that the Supreme Court’s decision has created an immediate financial burden: “This is not going to be easy. This is an additional cost on us.”