Importers brace for US$150 billion tariff refund fight if Trump loses at U.S. Supreme Court [BNN Bloomberg (Canada)]
ESSILOR LXTTCA UNSP/ADR (ESLOY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
President Donald Trump‘s sweeping global tariffs - and a potential fight over obtaining perhaps US$150 billion in refunds from the U.S. government for duties already paid by importers if he loses. Anticipation that the court will strike down the tariffs Trump imposed under the International Emergency Economic Powers Act of 1977 rose after the November arguments in the case when conservative and liberal justices alike voiced skepticism about whether that law gave him the authority to levy the duties. The court is expected to issue rulings on Friday but, as is customary, has not said what case or cases will be acted upon. Some companies anticipate that even if the court invalidates Trump's tariffs, the Republican president will not make it easy for them to get refunds. “It's not in the government's DNA to give back money. And Trump would not want to give back money,” said Jim Estill, CEO of Danby Appliances, a Canadian company that sells small refrigerators, microwaves and laund
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