Tariff refunds

The Guardian -   US importers are expected to receive $85bn in tariff refunds after the supreme court struck down Donald Trump’s tariffs in February, according to US Customs and Border Protection (CBP), the agency that collects tariffs.  Importers and shippers have so far been refunded $20bn, according to court documents filed on Tuesday, with about $65bn more on the way.

After months of uncertainty and higher costs, American businesses largely welcomed the supreme court’s ruling that Trump overstepped his authority in enacting sweeping tariffs, including a baseline 10% tariff on all imports. It was the first time the highest court overruled Trump’s policies in his second term.

For nearly a year, many businesses across the US, ranging from whisky distilleries in Kentucky to giant corporations, have been reeling from the gut-punch of Trump’s signature tariffs. Walmart reported last year that it had to increase its prices, while Jim Beam, a bourbon maker, announced that it would close its distillery for a year as the industry navigated volatility brought on by the tariffs.

Though the court did not specify in its ruling whether businesses would be entitled to a refund, many major retailers and associations, including the US National Retail Federation and the US Chamber of Commerce, said they would pursue a swift return of the $133bn in tariffs that were covered by the court’s ruling.