US EditionSupreme Court expected to rule Friday on Trump's power to impose tariffs
If struck down, importers could claim up to $150 billion in refunds, while U.S. Customs and Border Protection prepares to shift to an all-electronic tariff refund system.
- The U.S. Supreme Court could decide on Friday whether President Donald Trump's IEEPA tariffs were lawful, with U.S. Customs and Border Protection saying over $133.5 billion in tariffs assessed through December 14 might be refundable.
- President Donald Trump invoked the International Emergency Economic Powers Act to impose tariffs starting February 4, marking the first use of IEEPA for import taxes rather than sanctions, with expansions on March 4 and April 5.
- U.S. Customs and Border Protection will shift refunds to electronic distribution on February 6, and Susan Thomas said 'Enhancing ACE enables secure electronic refunds, faster payments, fewer errors and a simplified process for importers, brokers and refund recipients'.
- Investors say a ruling requiring refunds would channel US$150-billion to US$200-billion to importers over the coming months, bolstering their bottom lines and potentially jolting U.S. financial markets.
- Companies like Costco have sued to preserve refund claims, while some smaller firms sell them to hedge funds for pennies amid potential multi-year disputes with the U.S. government.
74 Articles
74 Articles
Supreme Court plans rulings this week as Trump's tariffs remain undecided
WASHINGTON — The U.S. Supreme Court is expected to issue its next rulings this week as several major cases remain pending including the legality of President Donald Trump's sweeping global tariffs.
Trump's duties have reduced the trade deficit between the United States and other countries, without exploding inflation. But the Supreme Court could now reject them - in whole or in part. What can happen?
Supreme Court Set to Decide Fate of Trump’s Tariffs
(New York, New York) – The Supreme Court has decided to not rule on President Trump’s tariffs on Friday. It is expected to release new decisions on January 14, with one of the most closely watched cases involving President Donald Trump and the legality of his sweeping global tariffs still unresolved. The justices indicated Friday that rulings could be issued when the court reconvenes next week, though it remains unclear whether the tariffs case …
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