Thousands of companies are preparing to file a potentially lengthy legal battle to recover up to $170 billion in tariffs they have paid to the U.S. government after the Supreme Court struck down a key measure of President Donald Trump’s trade policy, according to Bloomberg.
The Supreme Court did not address the issue of refunding funds when it ruled Friday that President Trump did not have legal authority to impose these fees under emergency law.
“They took months to write an opinion and they haven’t even discussed this,” Trump said at a news conference after the ruling, adding, “We will end this matter in court within the next five years.”
In response to the Supreme Court’s ruling, the U.S. president immediately announced new 10% tariffs around the world under a separate legal provision, but this will not stop a flood of lawsuits filed by companies seeking to recover the duties they paid.
According to Bloomberg, the scale and scope of a potential recovery operation would be unprecedented, and the US administration’s losses are expected to ripple throughout the global economy.
A wide range of companies, large and small, public and private, have spent the past few months preparing to improve their legal positions to recover fees they paid if courts invalidate President Trump’s actions.
Companies requesting refunds include retailers such as Costco, large industrial companies such as American aluminum producer Alcoa, as well as well-known brands and hundreds of small businesses, most of them based in the United States but also local branches of foreign companies.
Thousands of companies are preparing to file a potentially lengthy legal battle to recover up to $170 billion in tariffs paid to the U.S. government after the Supreme Court struck down a key measure of President Donald Trump’s trade policy, according to Bloomberg.
The Supreme Court did not address the issue of refunds when it ruled Friday that President Trump did not have the legal authority to impose these tariffs under emergency law.
“They took months to write an opinion and they haven’t even discussed this,” Trump said at a news conference after the ruling, adding, “We will spend the next five years resolving this issue in court.”
In response to the Supreme Court’s ruling, the US president announced the immediate imposition of new 10% tariffs around the world under a separate legal provision, but this will not stop the flood of lawsuits that companies are planning to file to recover the duties they paid.
The impact of the US administration’s losses is expected to ripple throughout the global economy, making the size and scope of potential refunds unprecedented, according to Bloomberg.
A wide range of companies, large and small, public and private, have spent the past few months preparing to strengthen their legal positions to recover the tariffs they paid if courts invalidate President Trump’s actions.
Companies seeking refunds include retailers such as Costco, large industrial companies such as American aluminum producer Alcoa, as well as well-known brands and hundreds of small businesses, most of them based in the United States but also local branches of foreign companies.
