Wilbur Ross: Americans are the ultimate losers of tariff refund 'mess'
Fortune • • nation
Key Points:
- Former Commerce Secretary Wilbur Ross warned that consumers will ultimately bear the cost of tariffs initially imposed on importers, with estimates showing 40–76% passthrough for core goods and 47–106% for durables.
- Ross highlighted the extreme complexity in determining tariff rebates for businesses or consumers, noting that product-specific calculations and supply chain intricacies make refunds difficult and potentially unfair.
- The Trump administration plans to enforce a temporary 15% tariff under Section 122 of the 1974 Trade Act while pursuing longer-term legal justifications such as Section 232 or Section 301 for tariffs.
- A court ruling deemed tariffs under IEEPA as illegal taxation but left open the possibility for the administration to impose outright bans
