Will Americans get refunds after Trump's tariffs were overturned by the Supreme Court?
CBSN
Businesses are pressing the Trump administration to issue tariff refunds after the Supreme Court ruled Friday that President Trump unlawfully imposed levies under the International Emergency Economic Powers Act, or IEEPA. Yet that process faces potential legal and political roadblocks, with experts saying it could drag out for years. Edited by Alain Sherter In:
Businesses are pressing the Trump administration to issue tariff refunds after the Supreme Court ruled Friday that President Trump unlawfully imposed levies under the International Emergency Economic Powers Act, or IEEPA. Yet that process faces potential legal and political roadblocks, with experts saying it could drag out for years.
Economists and trade experts told CBS News they expect the issue to be litigated in court, while no government mechanism is currently set up for businesses to file for or collect a tariff refund.
"We anticipate another long legal fight over those refunds," Paul Ashworth, chief North America economist with Capital Economics, said in a note to investors.
The Supreme Court did not indicate in its ruling whether businesses that paid billions of dollars in IEEPA tariffs must be reimbursed, effectively punting the question to lower courts.
In a press conference on Friday after the Supreme Court ruling, Mr. Trump demurred on whether his administration will issue refunds, but suggested the process is likely to be drawn out — possibly for years.
