US Supreme Court Strikes Down Trump Tariffs, Will It Affect Global Markets?

Описание: US Supreme Court Strikes Down Trump Tariffs, Will It Affect Global Markets?

The Supreme Court on Friday struck down President Donald Trump’s biggest and boldest tariffs. But the justices left a $133 billion question unanswered: What’s going to happen to the money the government has already collected in import taxes now declared unlawful?

Companies have been lining up for refunds. But the way forward could prove chaotic.

When the smoke clears, trade lawyers say, importers are likely to get money back, eventually. “It’s going to be a bumpy ride for a while,” said trade lawyer Joyce Adetutu, a partner at the Vinson & Elkins law firm.

The refund process is likely to be hashed out by a mix of the U.S. Customs and Border Protection agency, the specialized Court of International Trade in New York and other lower courts, according to a note to clients by lawyers at the legal firm Clark Hill.

In its 6-3 opinion on Friday, the court ruled Trump’s attempt to use an emergency powers law to enact the levies was not valid. Two of the three justices appointed by Trump joined the majority in striking down the first major piece of his second-term agenda to come before them.

At issue are double-digit tariffs Trump imposed on almost every country in the world last year by invoking the 1977 International Emergency Economic Powers Act (IEEPA). The Supreme Court ruled that the law did not give the president authority to tax imports, a power that belongs to Congress.

The U.S. customs agency has already collected $133 billion in IEEPA tariffs as of mid-December. But consumers hoping for a refund are unlikely to be compensated for the higher prices they paid when companies passed along the cost of the tariffs; that’s more likely to go to the companies themselves.

In a dissenting opinion, Justice Brett Kavanaugh dinged his colleagues for dodging the refund issue: “The Court says nothing today about whether, and if so how, the Government should go about returning the billions of dollars that it has collected from importers.’’


#tariffs #trump #trumptariffs #pmmodi #indiaustariffs #tariffwar #usindiatariff #breakingnews #republictv
#RepublicWorld #RepublicTV #BreakingNews #RepublicNews #IndiaNews #LiveNews #RepublicExclusive #RepublicWorldLive #ArnabGoswami #RepublicDigital #NationFirst

Watch More ➡️ Videos On:    / @republicdefence  

Visit Now ➡️ Full Story On: https://www.republicworld.com

-------------------------------------------------------------------------------------------------------

Republic TV is India's no.1 English news channel since its launch. Watch Republic YouTube Channel to get all the breaking news updates, LIVE news, videos and perspectives from Republic Media Network's battery of reporters, anchors, and producers spread across India and the world. Watch Republic for Arnab Goswami's most watched debates. Republic TV makes news accessible at all times and across devices. At Republic, we keep you updated with up-to-the-minute news on the world of politics, sports, entertainment, business, defense, science, health, lifestyle, gadgets, and much more.

We believe in Breaking the story and Breaking the Silence. But most importantly, for us ‘You Are Republic, We Are Your Voice.’

Also, Watch ►
Republic TV Live News Updates ►http://bit.ly/RepublicTVLiveNews
The Debate With Arnab Goswami ► http://bit.ly/TheDebateWithArnabGoswami
Exclusive Sunday Debate With Arnab Goswami ► http://bit.ly/SundayDebate
The Grand Strategy With Maj Gen G.D Bakshi (Retd) ► https://bit.ly/3EPZ6xF
R.Explained ► https://bit.ly/3sOLT5K
R.Uninterrupted ► https://bit.ly/34isZdh

🌟 Don’t just watch the news—LIVE IT with Republic!
From the big headlines to behind-the-scenes moments, follow us everywhere:

🌐 Website: www.republicworld.com
👍 Facebook:   / republicworld  
🐦 Twitter:   / republic  
📸 Instagram:   / republicworld  
📢 Telegram: https://t.me/RepublicLive

📱 WhatsApp Channels:
💬 Digital: https://whatsapp.com/channel/0029VaAL...
💬 World: https://whatsapp.com/channel/0029Va1w...

Disclaimer: Republic Media Network may provide content through third-party websites, operating systems, platforms, and portals (‘Third-Party Platforms’). Republic does not control and has no liability for Third-Party Platforms, including content hosted, advertisements, security, functionality, operation, or availability.