Market Update: We break down the business implications, market impact, and expert insights related to Market Update: Supreme Court ruling could return millions to Oklahoma businesses – Full Analysis.
Trump reacts to SCOTUS tariff decision striking down tariffs
President Donald Trump announced he signed an order to impose a 10% global tariff after expressing disappointment in SCOTUS tariff decision.
Oklahoma companies that paid millions in tariffs in the past year could see refunds following the Supreme Court decision striking down President Donald Trump’s blanket tariffs, though significant questions remain about what comes next as the administration implements duties through different mechanisms.
The Supreme Court ruled 6-3 on Friday, Feb. 20, that Trump exceeded his authority when he imposed sweeping tariffs on products entering the U.S. from around the world using the International Emergency Economic Powers Act (IEEPA), a 1977 law that doesn’t explicitly mention tariffs.
Chief Justice John Roberts said in the majority opinion that the emergency powers law was never intended to grant presidents such broad economic authority, and no president has ever used the IEEPA to impose tariffs before Trump.
The Supreme Court decision invalidates Trump’s “reciprocal” tariffs that he declared a national emergency to implement in April 2025, as well as separate duties related to the alleged trafficking of fentanyl and other drugs. However, the ruling doesn’t actually apply to all of Trump’s tariffs, only those implemented under the IEEPA. The administration signaled Friday afternoon it will move quickly to reinstitute tariffs through other statutory authorities that Congress has previously granted to the executive branch.
Tariffs on metals, vehicles and electronics remain in effect, according to USA TODAY. Trump expressed disappointment in the court’s decision, but spoke with confidence about other methods being available to apply pressure to other countries.
Oklahoma-based Simple Modern could seek tariff refunds of $10 million
That leaves businesses nationwide and in Oklahoma somewhere between optimism and uncertainty about the operating environment moving forward.
For Mike Beckham, CEO of Moore-headquartered Simple Modern, the decision brings both the potential for financial relief and a validation of the constitutional process. The drinkware company, which has become one of Oklahoma’s fastest-growing businesses, expects to seek refunds of approximately $10 million in tariffs already paid.
Beckham said it’s valid for the government to use tariffs to ensure American businesses are prioritized and that fair trade exists, and the framers knew they would be a necessary tool, adding that the ruling addressed not just the legal authority used, but the chaotic manner in which tariffs were implemented and frequently adjusted.
“When you’re an employer, you’re constantly making long term plans,” Beckham said. “When you hire an employee, you’re hoping to commit to them for the indefinite future. When you buy inventory, launch a new product line, or develop a new partnership, it becomes very difficult under that environment, because it was uncertain what the rules of the game were going to be.”
Last year was one of Simple Modern’s lowest hiring years in five years, Beckham said, in part because of operating in a business environment with an unclear future. He assumes the tariffs are “definitely going to be a part” of doing business moving forward. He plans for tariffs in the 20-30% range on their products.
“There’s a very good chance that six months from now, we end up in a world where, economically to our business, it’s no different than if today never happened, but we’ll get there the right way,” Beckham said. “And I think that makes all the difference. I think how you get somewhere, the process you use to get to something, it matters quite a bit.”
Hobby Lobby, a national retailer that employs at least 6,000 in Oklahoma City, according to the Department of Commerce, declined to comment about the Supreme Court’s decision. The company carries an extensive range of crafts and furnishings from overseas and maintains offices in Hong Kong, Shenzhen, and Yiwu, China.
The Oklahoma Manufacturing Alliance is taking a wait-and-see approach as details continue to emerge. Joe Epperley, communications director for the alliance, said the ruling may eventually influence supply chains and input costs, but manufacturers are still evaluating what the decision means in practice because key details remain unclear, including how trade policies may change and how quickly any impacts might be felt at the operational level.
“Because of that uncertainty, it is difficult to assess near-term effects on Oklahoma manufacturers with confidence,” Epperly said in a statement. “We are actively monitoring developments and staying in close contact with manufacturers across the state. As we begin to better understand the implications for sourcing, pricing and planning, we’ll have more answers.”
The U.S. Chamber released a statement Friday, Feb. 20, stating the organization encourages the administration to use the ruling to reset overall tariff policy in a way that will result in “greater economic growth, large wage gains for workers and lower costs for families.”
Effect of court decision on Oklahoma investor outlook
Steve Wyett, chief investment strategist with BOK Financial, said the ruling answers some questions, but raises others.
“There’s a lot at play here,” Wyett said in a statement. “First, the Supreme Court’s decision defines tariffs as taxes, and taxes are the purview of Congress.”
Wyett said that while the administration is expected to provide new tariff policies, the new ones will operate under different rules and laws previously passed by Congress.
“In most cases, these tariffs are limited to 15%, a number which is lower for some countries but not others,” Wyett said.
A major unresolved issue is what will happen to tariffs already collected, potentially billions of dollars nationwide. Some experts believe there will be efforts from businesses to seek refunds on tariffs already paid.
Wyett said the court didn’t make a decision on what to do with already collected tariffs.
“This explains why companies who were paying tariffs have filed lawsuits to make sure they had standing in the event this outcome occurred. Everyone is asking questions about jurisdiction and who might be getting these potential refunds, and frankly, we don’t know yet,” Wyett said.
Some stocks have reacted positively to the news, including the Nasdaq, which rose .41% following the Supreme Court ruling. E-commerce giant Amazon, which sources well over half its goods from China, rose 2% as of the afternoon of Friday,Feb. 20.
Wyett said stock markets are higher on the prospect of better margins and potential tariff refunds, but the court’s ruling doesn’t substantially change their “overall growth outlook.”