"Sources told Politico officials are weighing various ideas, including discouraging companies from demanding refunds, arguing revenue collected previously is retroactively legal under new tariffs, and letting claimants skip to the front of the line if they give up a portion of the funds they're owed."
"Treasury Secretary Scott Bessent already signaled the administration's stance on refunds, telling Fox News last Friday refunds would be the 'ultimate corporate welfare.' And speaking at the Economic Club of Dallas in the immediate aftermath of the ruling, he said the issue 'could be dragged out for weeks, months, years.'"
"But the Supreme Court didn't detail a process for refunding tariff revenue, leaving it to the the U.S. Court of International Trade to figure out. Meanwhile, there are now about 2,000 refund claims for more than $170 billion in IEEPA tariff revenue."
The Supreme Court ruled that President Trump's global tariffs invoked under the International Emergency Economic Powers Act were illegal. However, the administration is considering various approaches to keep the $170 billion already collected, including discouraging companies from requesting refunds, arguing previously collected revenue is retroactively legal under new tariffs, and offering expedited processing to claimants who accept partial refunds. Treasury Secretary Scott Bessent characterized refunds as corporate welfare and suggested the process could extend for years. The Supreme Court did not establish a refund mechanism, leaving the matter to the U.S. Court of International Trade to determine. Trump has since announced new tariffs under different legal authority.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]