Murky outlook for businesses after tariff ruling prompts countermoves by Trump
ABC News
Businesses face a new wave of uncertainty after the Supreme Court struck down tariffs imposed by President Donald Trump under an emergency powers law and Trump vowed to work around the ruling to keep his tariffs in place
NEW YORK -- Businesses face a new wave of uncertainty after the Supreme Court struck down tariffs imposed by President Donald Trump under an emergency powers law and Trump vowed to work around the ruling to keep his tariffs in place.
The Trump administration says its tariffs help boost American manufacturers and reduce the trade gap. But many U.S. businesses have had to raise prices and adjust in other ways to offset higher costs spurred by the tariffs.
It remains to be seen how much relief businesses and consumers will actually get from Friday's ruling. Within hours of the court's decision, Trump pledged to use a different law to impose a 10% tariff on all imports that would last 150 days, and to explore other ways to impose additional tariffs on countries he says engage in unfair trade practices.
“Any boost to the economy from lowering tariffs in the near-term is likely to be partly offset by a prolonged period of uncertainty,” said Michael Pearce, an economist at Oxford Economics. “With the administration likely to rebuild tariffs through other, more durable, means, the overall tariffs rate may yet end up settling close to current levels.”
Efforts to claw back the estimated $133 billion to $175 billion of previously collected tariffs now deemed illegal are bound to be complicated, and will likely favor larger companies with more resources. Consumers hoping for a refund are unlikely to be compensated.
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