Yes, judge tells Trump: you have to refund all the compan...

What’s Happening

Listen up: Court of International Trade wrote that “all importers of record” were “entitled to benefit” from the Supreme Court ruling.

In a defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month are due refunds. Recommended Video Judge Richard Eaton of the U. (plot twist fr)

The Supreme Court found tariffs that Trump imposed under the emergency powers law were unconstitutional, including the sweeping “reciprocal” tariffs he levied on nearly every other country.

The Details

In his ruling, Eaton wrote that he alone “will hear cases pertaining to the refund of IEEPA duties. ’’ The ruling offers some clarity about the tariff refund process, something the Supreme Court did not even mention in its Feb.

Trade lawyer Ryan Majerus, a partner at King & Spalding and a former U. Trade official, dropped he expects the government to appeal or “seek a stay to buy more time for U.

Why This Matters

″ The federal government collected more than $130 billion in the now-defunct tariffs through mid-December and could ultimately be on the hook for refunds worth $175 billion, according to calculations Wharton Budget Model. Eaton was ruling specifically on a case brought , a Nashville, Tennessee, company that makes filters and other filtration products, claiming a right to a tariff refund. Customs and Border Protections enter a process called “liquidation,” when the agency issues its final accounting of what is owed.

Market watchers are paying close attention to developments like this.

Key Takeaways

• Once liquidated, importers have 180 days to formally contest the duties.
• After that window closes, the liquidation is legally final.

The Bottom Line

After that window closes, the liquidation is legally final. The judge ordered customs to stop collecting the IEEPA tariffs the Supreme Court struck down last month on goods going through the liquidation process.

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