Ahead of Tariff Ruling, Businesses Race to Secure Refunds
The New York Times • • general
Key Points:
- Several U.S. companies, including Costco and Bumble Bee Foods, are preparing for tariff refunds by hiring lawyers and filing claims, anticipating a Supreme Court ruling against President Trump's import tariffs.
- The Supreme Court justices appeared skeptical of the president's authority to impose sweeping tariffs, raising the possibility of a significant setback to Trump's trade policies.
- If the court rules against Trump, the administration may be required to refund a large portion of the approximately $200 billion collected in tariffs since early 2019.
- Businesses like Costco are proactively seeking legal protection to secure full refunds on tariffs paid, highlighting that American importers often bear the financial burden rather than foreign exporters.
- According to Goldman Sachs, companies have absorbed about half of the tariff
