"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."
"The refund process is likely to be hashed out by a mix of the U.S. Customs and Border Protection agency, the specialized Court of International Trade in New York and other lower courts, according to a note to clients by lawyers at the legal firm Clark Hill. "The amount of money is substantial," Adetutu said. "The courts are going to have a hard time. Importers are going to have a hard time.""
The Supreme Court invalidated the tariffs President Donald Trump imposed using the International Emergency Economic Powers Act, ruling the statute did not authorize taxation of imports. The government collected about $133 billion in those tariffs by mid-December. Importers are pursuing refunds and legal processes are expected to involve U.S. Customs and Border Protection, the Court of International Trade, and lower federal courts. Trade lawyers predict importers will eventually recover funds but foresee a prolonged, chaotic process. Consumers who paid higher prices after companies passed on tariff costs are unlikely to receive compensation for those price increases.
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