ALBUQUERQUE, NEW MEXICO – The U.S. Supreme Court’s six‑to‑three decision striking down the Trump administration’s tariffs could have financial implications for businesses across the country — including importers operating in New Mexico. While the ruling does not outline how refunds will be issued, companies nationwide may be eligible to recover portions of the billions collected under the tariff program.
Businesses that rely on goods shipped from Mexico and Asia — both major trade partners for New Mexico — are watching closely as federal agencies determine next steps. The Treasury Department collected more than $287 billion in tariffs in 2025, with a sizable share tied to the now‑invalidated emergency‑law tariffs. Analysts say refunds could reach as high as $150 billion nationwide, though the Supreme Court offered no guidance on how or when the money would be returned.
Trade attorneys warn the refund process could take time, describing the upcoming phase as “messy,” with importers required to file claims through the U.S. Court of International Trade. That could disproportionately affect smaller businesses — a concern for New Mexico’s many small import‑dependent retailers and manufacturers. More than 1,000 lawsuits have already been filed nationally seeking tariff refunds, and legal experts expect more.
For New Mexico companies that have absorbed higher costs over the past year, any refund could help ease pressure on pricing and supply chains. However, with no federal guidance issued yet, the timing and scale of potential relief remain unclear. As agencies sort out the details, New Mexico business groups say they are advising companies to gather documentation now in case they become eligible for reimbursement once the process opens.
