The Trump administration has refunded more than $20 billion in tariffs to importers and shippers so far, according to a court filing, after the Supreme Court struck down the cornerstone of President Donald Trump\u2019s trade policy in February.<\/p>\n
The administration had relied on authority under the International Emergency Economic Powers Act to collect more than $165 billion in country-specific tariffs from importers since the start of Trump\u2019s second term. The high court found that the tariffs exceeded what IEEPA permitted the president to do. <\/p>\n
Now, those tariffs are being refunded to importers.<\/p>\n
\u201cApproximately $85 billion in both potential and certified refunds have been accepted for processing\u201d so far, Brandon Lord, executive director of trade programs at U.S. Customs and Border Protection, said in a court filing Tuesday. <\/p>\n
Citing data through Friday, Lord said $20.6 billion in refunds of the $85 billion had been \u201ccompleted.\u201d <\/p>\n
However, he wrote, \u201c4,185 consolidated refunds have not been transmitted to Treasury\u201d for processing yet because the importers that had applied for them had not provided their bank account information.<\/p>\n
Hundreds of companies have lined up to get their money back, including Costco, Walmart, Home Depot, Target, General Motors, Ford, FedEx, UPS and DHL. <\/p>\n
Last month, Trump said he would \u201cremember\u201d which companies decided not to ask for refunds, implying he would view them favorably.<\/p>\n
Despite the prospect of refunds, importers are still paying a blanket 10% tariff that Trump implemented under a different law immediately after the Supreme Court struck down his IEEPA tariffs.<\/p>\n
Trump had threatened to raise that duty to 15% in the days after the Supreme Court ruling, but so far he has not done so. <\/p>\n
The 10% rate, implemented under Section 122 of the Trade Act of 1974, allows the president to impose global tariffs of up to 15% for up to 150 days. Congress could vote to extend that \u2014 with few exceptions, the power to regulate tariffs belongs to Congress, not the president.<\/p>\n
But the Trump administration appears poised to try to renew the Section 122 tariffs\u2019 150-day period without congressional approval.<\/p>\n
U.S. Trade Representative Jamieson Greer said Tuesday that he cannot imagine the Republican-controlled House and Senate moving to block the administration from restarting the 150-day clock.<\/p>\n
\u201cWhen you look at that statute, it says they expire but doesn\u2019t say when you can redo it,\u201d Greer said at the Council on Foreign Relations. <\/p>\n
\u201cI might get in a little trouble here,\u201d he said, half-jokingly. <\/p>\n
\u201cWhether the 122, you know, can be used \u2014 when it can be reused \u2014 I mean, I can\u2019t imagine that Congress would say, well, this is just, you know, once per term, right?\u201d Greer asked rhetorically.<\/p>\n
\u201cSo I can\u2019t really opine on it, beyond saying it doesn\u2019t say you can\u2019t reuse it. But it is temporary; there\u2019s some tension in that,\u201d he said.<\/p>","protected":false},"excerpt":{"rendered":"
The Trump administration has refunded more than $20 billion in tariffs to importers and shippers so far, according to a court filing, after the Supreme Court struck down the cornerstone of President Donald Trump\u2019s trade policy in February. The administration had relied on authority under the International Emergency Economic Powers Act to collect more than <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-36931","post","type-post","status-publish","format-standard","category-business"],"_links":{"self":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/36931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/comments?post=36931"}],"version-history":[{"count":0,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/posts\/36931\/revisions"}],"wp:attachment":[{"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/media?parent=36931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/categories?post=36931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/americanfinancecore.com\/index.php\/wp-json\/wp\/v2\/tags?post=36931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}