Business groups seek quick tariff refunds after Supreme Court ruling
The high court decision affects Trump's tariffs enacted under the International Emergency Economic Powers Act. Trump had used the law to impose tariffs on nearly every imported product from every country.
The U.S. businesses that paid billions in tariffs to the federal government want their money back.
After the U.S. Supreme Court found President Donald Trump exceeded his authority under a 1977 law, business groups quickly called for refunds of these tariffs.
The high court decision affects Trump's tariffs enacted under the International Emergency Economic Powers Act. Trump had used the law to impose tariffs on nearly every imported product from every country.
Neil Bradley, executive vice president at the U.S. Chamber of Commerce, said the ruling was good news for U.S. businesses and consumers.
"Swift refunds of the impermissible tariffs will be meaningful for the more than 200,000 small business importers in this country," he said.
The nation's largest business lobby also asked for a full reset on tariffs.
"We encourage the administration to use this opportunity to reset overall tariff policy in a manner that will lead to greater economic growth, larger wage gains for workers, and lower costs for families," Bradley said.
The Penn Wharton Budget Model estimated the Supreme Court ruling will generate up to $175 billion in refunds.
Getting that money won't be easy. International Chamber of Commerce Secretary General John Denton warned that refunds could be challenging.
"Companies should not expect a simple process: the structure of U.S. import procedures means claims are likely to be administratively complex," he said. "[The] ruling is worryingly silent on this issue and clear guidance from the Court of International Trade and the relevant U.S. authorities will be essential to minimize avoidable costs and prevent litigation risks."
Trump sharply criticized the Supreme Court's decision on Friday before announcing a new set of tariffs under different laws to replace the import duties invalidated by the high court. He also criticized the Supreme Court for its silence on the issue of refunds. He said that failure by the high court could mean refunds end up in court disputes for years.
Gary Shapiro, CEO of the Consumer Technology Association, a trade group, said "the government must act quickly to refund retailers and importers without red tape or delay."
Some businesses filed for refunds even before the Supreme Court ruling.
Warehouse retailer Costco filed a lawsuit in December to hold its place in the refund line, where other companies were already waiting. Costco noted a separate lawsuit was needed because importers "are not guaranteed a refund for those unlawfully collected tariffs in the absence of their own judgment and judicial relief."
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