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Supreme Court Blocks Trump Tariffs: No Refunds Expected as Treasury Secretary Eyes New Trade Laws
Published 1 week, 2 days ago
Description
Treasury Secretary Scott Bessent addressed the Supreme Courts recent ruling against President Trumps tariffs imposed under the International Emergency Economic Powers Act. In a public appearance Friday, shortly after the courts six to three decision, Bessent dismissed ideas of refunds for Americans who paid those tariffs. According to the Los Angeles Times, he smirked and said he gets a feeling the American people will not see it, signaling no checks for consumers despite estimates of one hundred thirty five billion to one hundred seventy billion dollars collected.
Bessent explained on Fox News Sunday that tariff revenues will be unchanged this year and in the future, as reported by CityNews Halifax citing the Associated Press. He noted President Trump plans to reimpose similar levies using other laws, like Section one hundred twenty two of the Trade Act of nineteen seventy four, allowing up to fifteen percent tariffs for one hundred fifty days. Trump announced this shift Friday, raising it to fifteen percent by Saturday, keeping trade uncertainty high for businesses.
The ruling leaves refunds to the Court of International Trade, where about one thousand five hundred businesses have filed claims. U.S. Customs and Border Protection will stop collecting the invalidated tariffs at twelve oh one a.m. Tuesday. Experts warn the process could drag on for months or years, with potential litigation from the government challenging claims. Stock markets reacted sharply, with the Dow Jones dropping eight hundred twenty one points Monday, over one point seven percent, as investors eyed more trade chaos.
Bessent defended the policies amid criticism that tariffs act as taxes on U.S. consumers, with studies from the Kiel Institute and Federal Reserve Bank of New York showing Americans bore nearly ninety to ninety six percent of costs. New tariffs could add three hundred to seven hundred dollars per household, per the Tax Foundation.
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Bessent explained on Fox News Sunday that tariff revenues will be unchanged this year and in the future, as reported by CityNews Halifax citing the Associated Press. He noted President Trump plans to reimpose similar levies using other laws, like Section one hundred twenty two of the Trade Act of nineteen seventy four, allowing up to fifteen percent tariffs for one hundred fifty days. Trump announced this shift Friday, raising it to fifteen percent by Saturday, keeping trade uncertainty high for businesses.
The ruling leaves refunds to the Court of International Trade, where about one thousand five hundred businesses have filed claims. U.S. Customs and Border Protection will stop collecting the invalidated tariffs at twelve oh one a.m. Tuesday. Experts warn the process could drag on for months or years, with potential litigation from the government challenging claims. Stock markets reacted sharply, with the Dow Jones dropping eight hundred twenty one points Monday, over one point seven percent, as investors eyed more trade chaos.
Bessent defended the policies amid criticism that tariffs act as taxes on U.S. consumers, with studies from the Kiel Institute and Federal Reserve Bank of New York showing Americans bore nearly ninety to ninety six percent of costs. New tariffs could add three hundred to seven hundred dollars per household, per the Tax Foundation.
Thanks listeners for tuning in, and remember to subscribe. This has been a Quiet Please production, for more check out Quiet Please dot ai.
For more http://www.quietplease.ai
Get the best deals https://amzn.to/3ODvOta
This content was created in partnership and with the help of Artificial Intelligence AI