Trump Laments 'Undeserved Windfall' After Supreme Court Tariff Order: 'Is Rehearing Possible?'

(MENAFN- Live Mint) US President Donald Trump lamented a possible tariff refund and 'undeserved windfall' to companies and countries, which, he alleged, took advantage of the United States in the past. He asked if a "rehearing or readjudication of this case possible."

Trump also feared that after the US Supreme Court's order against tariffs, countries and companies, which have been“ripping off” the US for many years, "could actually continue to do so, at an even increased level.”

In a post on TRUTH social media, Trump said,“The recent decision of the United States Supreme Court concerning TARIFFS could allow for Hundreds of Billions of Dollars to be returned to Countries and Companies that have been 'ripping off' the United States of America for many years, and now, according to this Decision, could actually continue to do so, at an even increased level.”

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"I am sure that the Supreme Cour did not have this in mind! It doesn't make sense that Countries and Companies that took advantage of us for decades, receiving Billions and Billions of Dollars that they should not have been allowed to receive, would now be entitled to an undeserved 'windfall,' the likes of which the World has never seen before, as a result of this highly disappointing, to say the least, ruling," Trump said.

He asked, "Is a Rehearing or Readjudication of this case possible???"

The Supreme Court order

While the US Supreme Court held in its 6-3 opinion last Friday that Trump's tariffs imposed under the 1977 International Emergency Economic Powers Act (IEEPA) were illegal, it did not address whether companies and individuals who paid those tariffs could be refunded.

The justices left a $133 billion question unanswered: What's going to happen to the money the government has already collected in import taxes now declared unlawful?

According to The Associated Press, the US customs agency has already collected $133 billion in IEEPA tariffs as of mid-December.

Also Read | The $130 billion race for companies to get their tariff money back

Many companies, including the big-box warehouse chain Costco, have already lined up to demand refunds in lower courts.

But consumers hoping for a refund are unlikely to be compensated for the higher prices they paid when companies passed along the cost of the tariffs; that's more likely to go to the companies themselves, the report added.

Also Read | How The Turntables: Here's Why EU Now Expects U.S. To 'Honour' Trade Deal

Meanwhile, Bloomberg reported that thousands of companies and importers are set to launch what could be a prolonged battle to try to recoup as much as $170 billion in tariffs they've already paid to the US government after the Supreme Court struck down a key tool in Trump's trade policy.

Most countries still face steep tariffs from the US on specific sectors, and Trump intends to replace the IEEPA levies using other options. The refunds that do get issued will take time to roll out - 12 to 18 months, estimates TD Securities.

(With inputs from agencies)

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