Regarding the previous ruling by the U.S. Court of Appeals for the Federal Circuit that Trump's additional tariffs were illegal, the Trump administration has appealed to the Supreme Court. On September 7 local time, U.S. Treasury Secretary Bowman stated that if the Supreme Court upholds this ruling, the United States may have to refund hundreds of billions of dollars in tariffs collected since the beginning of Trump's second term.
Bowman said during an interview with NBC: "We will have to refund about half of the tariffs, which would be a disaster for the Treasury."
When asked by NBC host Kristen Welker whether the government was prepared to refund the money, Bowman replied: "If the court makes such a ruling, we will have to do so." He added that he is confident the Trump administration will win at the Supreme Court.
Bowman also mentioned that even if the Supreme Court rules against the government, there are still other "legal avenues" available, but this would weaken the Trump administration's negotiating leverage.
Treasury Secretary Bowman interviewed by NBC
On August 29 local time, the U.S. Court of Appeals for the Federal Circuit ruled that the Trump administration's practice of imposing tariffs on almost all countries based on the International Emergency Economic Powers Act (IEEPA) enacted by the U.S. government in the 1970s was illegal. Trump refused to accept this ruling and announced that he would appeal to the Supreme Court.
According to reports from multiple media outlets earlier, as of August 24, U.S. companies had paid over $210 billion in tariffs that were deemed illegal. If the Supreme Court upholds the original ruling, the U.S. Treasury may have to refund the collected tariffs.
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