If the court rules against the president, it will nullify a major tool in Mr. Trump’s trade agenda. He has used the law under question, the International Emergency Economic Powers Act, or IEEPA, to impose tariffs on an estimated 29 percent of all U.S. imports, the Times analysis found. So far this year, these emergency tariffs have hit more than $300 billion in imported goods.
Not that I expect it to happen, but if they rule against him, what happens to the money the government has collected from illegal tariffs so far? Do they just keep it? Do they have to go through the books and return it to the importers? The costs were often absorbed by vendors at the start, but there’s no question a large fraction have already been passed on to consumers.
Not that I expect it to happen, but if they rule against him, what happens to the money the government has collected from illegal tariffs so far? Do they just keep it? Do they have to go through the books and return it to the importers? The costs were often absorbed by vendors at the start, but there’s no question a large fraction have already been passed on to consumers.