President Trump has warned that the cancellation of his wide-ranging tariffs, a decision now before the Supreme Court, would “literally destroy” the United States and turn it into a “third-world nation.”

To some economists and analysts, a court ruling throwing out many of Mr. Trump’s tariffs could instead resemble something like a corporate tax cut, traditionally a desirable policy outcome among Republicans. That is because many American companies have had to shoulder at least some of the costs caused by the taxes on imported goods, thinning profit margins and reducing spending on other business expenses.

A legal ruling ending many of Mr. Trump’s current tariffs would not only free firms from that tax burden but also potentially remit tens of billions of dollars in tariff revenue back to them.

“That would be a boost to the economy,” said Alex Durante, a senior economist at the Tax Foundation, a think tank that generally favors lower taxes. “You would be doing a tax cut. You would be undoing a tax increase, and you would provide relief to lots of businesses and consumers.”

Who actually bears the burden of paying Mr. Trump’s tariffs — and, therefore, who would benefit from their potential end — has been a central economic debate this year. Mr. Trump and members of his administration insist that the tariffs force companies overseas to cut the prices they charge American firms, meaning the tax effectively applies to foreign firms, not American ones.

But economists broadly agree that American businesses and consumers primarily pay for tariffs. The real question, to them, is the extent to which American businesses absorb the higher costs created by tariffs or pass them along to consumers in the form of higher prices.