Businesses celebrate win at Supreme Court over Trump on tariffs
USA TODAY
Thousands of companies - not just those that sued the Trump administration - will now decide whether to pursue refunds.
NEW YORK/LONDON, Feb 20 (Reuters) - Thousands of businesses won a hard-fought victory when the U.S. Supreme Court ruled to overturn the White House's emergency tariffs, but the process of getting refunds has only just begun.
In a decision that could ripple throughout the global economy for years, the court ruled that U.S. President Donald Trump was not allowed to use the 1977 International Emergency Economic Powers Act to levy broad tariffs on imports.
The corporate world has spent months adjusting to Trump's often-evolving trade policy and his central use of tariffs for his agenda, not just to address trade issues but also as a cudgel against other governments' policies and actions.
They're likely to face further challenges, as Trump, in a furious press conference following the ruling, vowed to use additional powers to impose more tariffs, including a temporary 10% levy on all imports. On Saturday, Feb. 21, Trump upped the number to 15%.
Regardless, many businesses and industry associations reacted with guarded hopes for more predictable trade policy. Thousands of companies - not just those that sued the administration - will now decide whether to pursue refunds, as it means more than $175 billion in U.S. tariffs collected could be refunded, Penn-Wharton Budget Model economists said on Friday.
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