Even if tariffs are refunded at some point, the cost of implementing and managing the tariffs, list sales, lost opportunities and so on are not. Nor is the cost of recovering the tariffs from the government.

The supreme court overturned the emergency act tariffs, but trump immediately used another statute to re-instate tariffs (effective for six months, anyway).

For china, the supreme court ruling was effectively a 5% reduction in tariffs. The situation remains dumb.

https://www.china-briefing.com/news/us-china-tariff-rates-20... (Url says 2025 but has been updated continuously)