US President Donald Trump lamented the potential rollback of tariffs and “undeserved windfall” to companies and countries he claimed had been taken advantage of by the United States in the past. He asked if “a rehearing or reassessment of this case is possible.”
Trump also feared that after the US Supreme Court’s order against the tariffs, countries and companies that have been “ripping off” the US for many years “could actually continue to do so at an even greater level.”
In a post on TRUTH social media, Trump said: “The recent decision by the United States Supreme Court regarding the CLA could allow the return of hundreds of billions of dollars to countries and companies that have ‘robbed’ the United States of America for many years, and now under this decision they could actually continue to do so, and at an even greater level.
“I’m sure that’s not what the Supreme Court had in mind! It makes no sense that countries and companies that have abused us for decades and received billions and billions of dollars that they shouldn’t have been allowed to receive should now be entitled to an undeserved ‘windfall’, the likes of which the world has never seen before, as a result of this very disappointing, to say the least,” Trump said.
He asked, “Is there a possibility of a rehearing or a retrial of this case???”
Supreme Court Order
While the US Supreme Court ruled in a 6-3 opinion last Friday that Trump’s tariffs imposed under the International Emergency Economic Powers Act (IEEPA) of 1977 were illegal, it did not address whether the companies and individuals who paid the tariffs could be refunded.
The justices left a $133 billion question unanswered: What happens to the money the government has already collected in import taxes that are now declared illegal?
According to The Associated Press, the US Customs Service has already collected $133 billion in IEEPA duties since mid-December.
Many companies, including the high-end warehouse chain Costco, have already stood up and sought refunds in lower courts.
However, consumers hoping for a refund are unlikely to be compensated for the higher prices they paid when the companies passed on the costs to the tariffs; this will likely go to the companies themselves, the report added.
Meanwhile, Bloomberg reported that thousands of companies and importers are preparing to launch what could be a protracted battle to try to recoup up to $170 billion in tariffs they have already paid to the US government after the Supreme Court struck down a key tool in Trump’s trade policy.
Most countries still face steep US tariffs on specific industries, and Trump intends to replace the IEEPA fees with other options. The refunds that are issued will take time to roll out — 12 to 18 months, TD Securities estimates.
(With input from agencies)
