Balgarianovinite.com
Tariff refunds get underway Monday, following a February Supreme Court ruling that some of President Donald Trump’s sweeping emergency tariffs were illegal.
The 6-3 ruling also required the federal government to refund the $166 billion in tariff revenue it has collected.
Tariffs have been a cornerstone of Trump’s second term, with the president declaring “Liberation Day” when he announced his broad package of import duties one year ago.
CNN’s Wolf Blitzer asked business reporter David Goldman Monday, “Tariff refunds are supposed to start today. Who’s getting them and who’s not?”
“There’s a big process for this, and it’s hard to extract them because you don’t know if you’re paying the illegal tariffs, right — If you get that money back, or if you paid legal tariffs, right?” replied Goldman, who continued:
The Supreme Court only overturned some of President Trump’s tariffs, not all of them. And so, they say — the Customs and Border Patrol — say that they need about 60 to 90 days to kind of figure out whether you paid an illegal tariff or not. And who is “they”? Who is due a refund. There’s about $166 billion out there in refunds that are going to go to American businesses. But not just any business. Not, you know, Costco and Walmart and retailers. It’s actually the the importers that are going to get that first. And so the question is, if they get a refund, are they going to refund the retailers that paid them for the higher prices? And then are you ever going to get a refund? It seems unlikely. Don’t count on it, and certainly don’t count on it any time soon, because there is a lot that needs to happen before we get there.
Trump raged against the Supreme Court’s decision on Truth Social, writing, “The court knew where I stood, how badly I wanted this victory for our country, and instead decided to, potentially, give away trillions of dollars to countries and companies who have been taking advantage of the United States for decades.”
Trump added, “Our Supreme Court has made these countries very happy but, as the court pointed out, I have the absolute right to charge tariffs in another form, and have already started to do so.”
The ruling did not, in fact, state that the president had “the absolute right” to impose tariffs through other means. Regardless, the administration has signaled that it’s pursuing alternative legal avenues to continue Trump’s tariff policies.
Watch the clip above via CNN.
The post CNN Expert Breaks Down Who Will Benefit From Trump Tariff Refunds first appeared on Mediaite.
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