When a policy gets reversed after businesses have already adapted to it, the reversal is not the same as the original policy never existing. The system moved on. The Supreme Court striking down Trump-era tariffs forces roughly $166 billion in refunds to around 330,000 importers — but the businesses receiving that money already repriced their goods, restructured their sourcing, and passed costs downstream. Those decisions are embedded. The refund returns capital. It does not return the conditions that preceded the tariff. That matters because capital injections and policy reversals behave differently. The money flows back to the firms that paid the most, not to the consumers who absorbed the markups. Prices tend to be sticky downward. Supply chain decisions tend to stay made. What looks like a correction on paper functions more like a balance sheet event in practice. The question worth tracking is where $166 billion actually redeploys — and whether it creates fresh price pressure in sectors that already repriced once.