"WASHINGTON The Supreme Court on Friday struck down President Donald Trump's biggest and boldest tariffs. But the justices left a $133 billion question unanswered: What's going to happen to the money the government has already collected in import taxes now declared unlawful? Companies have been lining up for refunds. But the way forward could prove chaotic. When the smoke clears, trade lawyers say, importers are likely to get money back eventually."
"In its 6-3 opinion on Friday, the court ruled Trump's attempt to use an emergency powers law to enact the levies was not valid. Two of the three justices appointed by Trump joined the majority in striking down the first major piece of his second-term agenda to come before them. At issue are double-digit tariffs Trump imposed on almost every country in the world last year by invoking the 1977 International Emergency Economic Powers Act (IEEPA)."
The Supreme Court invalidated President Trump's tariffs that were enacted using the 1977 International Emergency Economic Powers Act, ruling the law does not authorize taxing imports. The U.S. government had collected $133 billion in those IEEPA tariffs by mid-December. Importers are lining up for refunds, and trade lawyers expect eventual repayment, but the refund process will be complex and potentially chaotic. Refund claims are likely to be resolved through U.S. Customs and Border Protection, the Court of International Trade, and lower courts. Consumers are unlikely to be compensated for higher prices passed on by companies.
Read at www.npr.org
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