"We were like, [Trump] is capriciously applying the law,"
"That was the play."
"They didn't want to deal with anything small,"
"That's the billion-dollar question,"
Investment firms and hedge funds purchased rights to potential tariff refunds from struggling importers at cents on the dollar after sweeping tariffs were imposed. Specialist brokerages arranged the trades, and some firms acquired tens of millions of dollars in claims while others bought smaller positions. The Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal. Traders who bought refund claims now stand to multiply their stakes if refunds are required. The question of government-issued refunds will return to lower courts and may prompt further legal challenges by the administration.
Read at WIRED
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