BYD files lawsuit, seeks refund over Trump's U.S. auto tariffs [CNBC]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: CNBC
Eyeswideopen | Getty Images News | Getty Images Chinese automaker BYD has filed a lawsuit against the U.S. government challenging President Donald Trump's bid to use sweeping authority to impose tariffs, and requesting a refund for all levies it paid since last April, court documents show. The lawsuit, the first by a Chinese carmaker over U.S. tariffs, follows similar complaints by thousands of global companies with U.S. operations challenging Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose border taxes. In the lawsuit filed at the U.S. Court of International Trade on January 26, four of BYD's U.S. subsidiaries argue that the law does not authorize border taxes as “the text of IEEPA does not employ the word ‘tariff' or any term of equivalent meaning”. In a separate, high-stakes case, the U.S. Supreme Court is expected to rule on the legality of the tariffs, but Trade Representative Jamieson Greer said last week the court was taking its time gi
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