If the Supreme Court rules against Trump’s tariffs (which it should), Trump will be looking at a potential double whammy: not only the lost tariff revenue, but the government may also have to refund tariffs that have already been paid. From Rob Sabo at The Epoch Times via zerohedge.com:
Retail giant Costco Wholesale Corporation filed a lawsuit against the U.S. government on Nov. 28 in an effort to lay the groundwork for refunds of tariffs collected since President Donald Trump enacted global tariff policies under the International Emergency Economic Powers Act (IEEPA).
The complaint filed in the U.S. Court of International Trade in Manhattan argued that the president’s invocation of the act beginning in February illegally imposed tariffs on goods imported from Mexico, Canada, and China. Trump has said that tariffs were justified as a matter of national emergency because of the amount of fentanyl making its way into the United States from those countries, and that the global levies are a necessary tool to negotiate trade deals that level the playing field between the United States and key global trade partners.
The U.S. Supreme Court heard oral arguments regarding Trump’s authorization to invoke the IEEPA in early November. The issue has been fast-tracked, but the justices have not announced when they intend to make a ruling. Costco’s complaint requests a complete refund of duties it has already paid if the Supreme Court decides that the tariffs are unlawful.
Additionally, Costco is seeking “an injunction preventing Defendants from imposing further duties on it under the executive orders challenged in this lawsuit; and full refund from Defendants of all IEEPA duties Plaintiff has already paid to the United States as a result of the executive orders challenged in this
Welcome to Costco.
I love you.
Found a Costco 12 pack of beer on heel & toe and it wasn’t bad.