Trump tariffs ruled illegal: Will Indians get any refund or relief from US?

The US Supreme Court has struck down President Donald Trump's tariffs on countries, including India, as illegal. This might open the door to billions of dollars in refunds, and might benefit US importers. There is no mechanism to compensate Indian exporters for the losses they suffered. However, they benefit as they regain a competitive edge in the US market.

The US Supreme Court on Friday ruled that tariffs imposed by the administration of President Donald Trump on exports from countries, including India, were illegal. This leads to the big question — will Indian exporters get any refund or relief?

While the US Supreme Court struck down Trump's sweeping tariffs imposed under a national emergency law, the ruling was silent on whether money paid under the higher rates will need to be refunded.

In a split 6-3 verdict, the Supreme Court upheld a lower court ruling that Trump exceeded his authority by invoking the International Emergency Economic Powers Act (IEEPA) to levy broad import taxes, according to Reuters.

The ruling will lead to a process where billions of dollars in refunds will be sought by companies, reported CNBC.

Companies have collectively paid billions in tariffs to the US government.

Associated Press reported that several companies, including warehouse chain Costco, have already lined up for refunds in court. It said dissenting judge Brett Kavanaugh noted that the refunds process could be complicated.