Company executives, customs brokers and trade lawyers are bracing for a Supreme Court ruling on the legality of U.S. President Donald Trump’s sweeping global tariffs — and a potential fight over obtaining a possible $150 billion US in refunds from the U.S. government for duties already paid by importers if he loses.
Anticipation that the court will strike down the tariffs Trump imposed under the International Emergency Economic Powers Act of 1977 rose following November arguments in the case when conservative and liberal justices alike voiced skepticism about whether that law gave him the authority to levy the duties.
Some companies anticipate that even if the court invalidates Trump’s tariffs, the Republican president will not make it easy for them to get refunds.
“It’s not in the government’s DNA to give back money. And Trump would not want to give back money,” said Jim Estill, CEO of Danby Appliances, a Canadian company that sells small refrigerators, microwaves and laundry equipment through big-box stores, including Home Depot.
Didn’t Howard Lutnick’s son’s hedge against the tariffs sticking by buying up refund rights? At one point I think they traded at 20-30% of duties paid.