Trump's tariffs ruled illegal by Supreme Court; first refunds to arrive Tuesday

Following the U.S. Supreme Court's ruling that Trump's tariffs were illegal, the first round of tariff refunds will be credited on Tuesday. Last month, the U.S. government launched an online platform allowing businesses to apply for refunds of previously paid tariffs. According to U.S. Customs and Border Protection (CBP), over 330,000 importers had paid tariffs under the authority of the International Emergency Economic Powers Act (IEEPA), amounting to a total of $166 billion. A court filing revealed that by April 26, at least 75,000 companies had already applied for refunds. Walmart is expected to receive a $10 billion refund, Target $2 billion, Nike $1 billion, and Macy’s $320 million. Beyond the financial loss, the refunds also expose the falsehood propagated by the Trump administration—that tariffs were paid by "foreign" entities.

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Original article: toutiao.com/article/1864956691054602/

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