The majority of the sweeping tariffs President Donald Trump imposed during his second term face one final litmus test that will determine whether he can continue to levy them – and also whether businesses are eligible for massive refunds.
That potentially dramatic turn in the tariff saga comes after a federal appeals court ruled on Friday that Trump unlawfully leaned on the International Emergency Economic Powers Act (IEEPA) to impose across-the-board duties on countries. Trump had used those powers to push import tax rates as high as 50% on India and Brazil – and as high as 145% on China earlier this year.
American businesses have paid over $210 billion as of August 24 to cover the tariffs that US courts have determined are illegal. On Tuesday, Trump acknowledged that the court’s decision, if upheld by the Supreme Court, could result in the US Treasury having to “give back” tariff revenue collected.
Trump told reporters Tuesday that his administration is readying an appeal to the Supreme Court, perhaps as soon as Wednesday. He is urging swift action to keep his tariffs in place beyond the October 14 deadline the appeals court set for when its ruling will take effect.
“It’s a very important decision, and frankly, if they make the wrong decision, it would be a devastation for our country,” Trump said.
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