FedEx sues U.S. for refund on Trump's emergency tariffs [BNN Bloomberg (Canada)]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
NASDAQ:AMEX Investor Relations:
essilor.com/en/investors
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Source: BNN Bloomberg
A flood of lawsuits to recover billions of dollars is expected by trade attorneys after the blockbuster ruling. The recovery process still has to be worked out by a lower court, though, complicating the matter. More than US$175 billion in U.S. tariff collections are subject to potential refunds after the U.S. Supreme Court on Friday ruled 6-3 that Trump overstepped his authority by using the International Emergency Economic Powers Act, a sanctions law, to impose tariffs on imported goods, Penn-Wharton Budget Model economists said. “Plaintiffs seek for themselves a full refund from Defendants of all IEEPA duties Plaintiffs have paid to the United States,” FedEx said in the lawsuit, referring to tariffs Trump imposed. FedEx and its logistics arm served as importer of record on goods subject to IEEPA tariffs. The Memphis-based company did not provide the dollar value of the refund it is seeking. FedEx in its lawsuit named U.S. Customs and Border Protection, the agency's commissi
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