KEY POINTS
Treasury Secretary Scott Bessent said he is “confident” Donald Trump’s tariff plan “will win” at the Supreme Court, but warned the U.S. would be forced to issue massive refunds if it loses.
National Economic Council Director Kevin Hassett noted that there are “other legal authorities” that the administration could use if the tariffs are blocked.
Before court action, Trump’s tariffs were set to affect nearly 70% of U.S. goods imports.
The main people who will get the money are the import brokers who have been leveraging their businesses against the tariffs with the expectation that the money will eventually be refunded.
Americans have been protected against the largest impacts from the tariffs over the past 7 months by these loans. Things would have been MUCH worse when purchasing goods without this.
As a result, if the refunds DON’T go through, all the importers will have to default on their loans, sending both the financial and import industries into a tailspin — PLUS everyone having to shoulder the full effects of the ongoing tariffs.
I didn’t realize this was happening. Where can I find out more about this?
Looks like most of this is happening outside the US - multinationals can apply for relief loans in other countries where they have an established workforce that could be impacted by the tariffs.
Eg, in Canada: https://cdev.gc.ca/applications-are-open-for-the-large-enterprise-tariff-loan-letl-facility/
As originally mentioned though, all this is loans to large multinationals; end users aren’t going to see the relief loans OR the refunds.
You could try looking up his ass, where the source of the news is.
No offense, but this sounds like nonsense. I can’t imagine any bank willing to take that kind of financial risk given the current context of things.