One year after President Trump's April 2, 2025 'Liberation Day' tariff announcement -- the largest tariff wall in nearly a century -- assessments show manufacturing employment declined by 89,000 jobs and consumer prices rose. The Supreme Court ruled in February 2026 in Learning Resources, Inc. v. Trump that IEEPA does not authorize the President to impose tariffs, invalidating the legal basis for Liberation Day tariffs. A $170 billion refund process is now underway. The administration imposed a blanket 10% tariff on all trading partners as a replacement. While more than 20 countries yielded to tariff threats and the trade deficit declined for 10 consecutive months, the tariffs raised less revenue than projected and failed to deliver the promised manufacturing renaissance. The pattern: emergency powers invoked for economic policy, courts strike down the legal basis, but structural damage to trade relationships and worker livelihoods is already done.