The U.S. Supreme Court struck down Donald Trump’s use of emergency powers to impose tariffs, but the president immediately reinstated them under Section 122 of the 1974 Trade Act. Business leaders, who privately believed these tariffs were illegal and harmful according to a survey where over two-thirds of CEOs described them as such, now remain silent on the issue. Companies must now pursue legal remedies to recover tariffs paid under the International Emergency Economic Powers Act, which accounts for approximately half of all tariff revenue. One manufacturer stated he is not certain his company will seek a remedy, as the duties impacted a relatively small portion of his supply chain. Costco, which sued the Trump Administration, is well positioned to receive refunds.
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