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Under the #law #Trump has now invoked, Section 122 of the #Trade Act of 1974, #tariffs may last only 150 days unless #Congress extends them. And they’re capped at 15%, so Trump cannot raise them again.
Now that #SCOTUS deemed the old tariffs illegal, do the businesses that paid them get their money back?
#law #economy #inflation #affordability #CostOfLiving #business #geopolitics
@Nonilex
Trying to get that extra cash are they?
#CBP said in a message to shippers on its Cargo Systems Messaging Service (CSMS) that it will de-activate all #tariff codes associated with Trump's prior #IEEPA related orders as of Tuesday.
The IEEPA tariff collection halt coincides with Trump's imposition of a new, 15% global tariff under a different legal authority to replace the ones struck down by #SCOTUS on Friday.
#law #Trump #judiciary #economy #tariffs #trade #geopolitics
@Nonilex I didn't realize that America was a monarchy where the king just writes shit down and we have to obey...
#CBP gave no reason why it was continuing to collect the #tariffs at ports of entry days after #SCOTUS’ ruling, & its message offered no information about possible #refunds for importers.
The message noted that the collection halt does not affect any other tariffs imposed by #Trump, including those under the Section 232 national security statute & the Section 301 unfair trade practices statute.
Under the #law #Trump has now invoked, Section 122 of the #Trade Act of 1974, #tariffs may last only 150 days unless #Congress extends them. And they’re capped at 15%, so Trump cannot raise them again.
Now that #SCOTUS deemed the old tariffs illegal, do the businesses that paid them get their money back?
#law #economy #inflation #affordability #CostOfLiving #business #geopolitics
@Nonilex they certainly should
@Nonilex If the companies/businesses get the money back, then it will be a windfall for their share holders. A one time big payout. Did you just hear Wall Street salivating at the prospect? Or did it just skip a beat?
On other news #DOW has just crossed 100000 while the #Epstein files are still being withheld.
The #Trump #admin is expected to argue in court that companies lack standing to claim a refund if they passed the #tariff #costs to #consumers by charging more — which would be a hell of a thing considering Trump swore up & down that other countries were paying the #tariffs & that consumers wouldn’t be affected.
#law #SCOTUS #economy #inflation #affordability #CostOfLiving #business #geopolitics
@Nonilex
The word amateur belongs with words like radio, not White House staff and occupants.
@Nonilex people miss this closing of the circle
But if a company didn’t charge #consumers more, would the government get to keep the now-invalidated tax? It’s an open question, & thousands of companies have filed lawsuits arguing they deserve #refunds. This could take years to litigate.
#law #Trump #SCOTUS #economy #inflation #affordability #CostOfLiving #tariffs #business #geopolitics
@Nonilex it should not take years… companies have receipts for tariffs they paid. Bo trials just a judge readings receipts and issuing order and time table for refund.
@Nonilex will take decades I think
The fate of billions of dollars in duties collected by the #UnitedStates remains up in the air. #SCOTUS left it to the US Court of International Trade [ #CIT] & lower courts to figure out refund proceedings. Obviously #Trump was also unsure of how the process would work.
#law #economy #inflation #affordability #CostOfLiving #tariffs #business #geopolitics
@Nonilex Sen. Schumer’s supposed “red line” for… something was when the Trump regimen defied a Supreme Court order. Where are you, Chuck? As if.
