Tariffs, Turmoil and Tax Refunds: Turning Uncle Sam’s IOU Into Cash in Bankruptcy

The past eighteen months have been a wild ride for anyone with even a passing interest in U.S. trade policy. The Trump Administration’s aggressive reliance on the International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs sent shockwaves through global supply chains, squeezed margins, and contributed to a wave of corporate bankruptcies. Then, in February 2026, the Supreme Court invalidated all tariffs imposed under IEEPA in a landmark 6-3 decision. The result? Over $166... By: Lowenstein Sandler LLP