The government's attempts to delay disbursing the rebates may end up increasing the amount owed to importers.

Economists have warned that slow-walking the rebates for President Donald Trump’s now-defunct emergency tariffs could result in high costs for the government, given the interest that is accruing on revenues from the illegally collected duties.

On February 20, the Supreme Court ruled that the president was unable to impose tariffs under the International Emergency Economic Powers Act (IEEPA), which had been invoked for the majority of Trump’s global duties.

And according to a new analysis from the free-market-oriented Cato Institute, interest is compounding on the estimated $175 billion owed to importers at a rate of $20 million per day, or $700 million per month.

  • GreenBeanMachine@lemmy.world
    23·
    2 days ago

    That’s the plan. Take it from the poor and give it to the rich. No American citizen will see any of these refunds. It will all go to the corporations.

  • Kernal64@sh.itjust.worksEnglish
    18·
    2 days ago

    From the article:

    “If the government were to drag out refund lawsuits until the end of the president’s term, as he recently suggested, taxpayers would owe importers about $25 billion more,” their report reads.

    I’m just a simple country lawyer suburban working stiff, but this seems absolutely insane to me. These companies all passed the tariff costs onto us, the customers, yet they’re the ones getting the refunds?! That is maximum level bullshit, IMO.

    Also, the assumption that The Fanta Menace is actually going to abide by a court ruling for the first time ever is hilarious. I’m pretty sure he announced a 15% global tariff when the decision was announced, and unless I missed it, no one has made him stop.

  • Zedstrian@sopuli.xyzEnglish
    1·
    1 day ago

    The $175 billion itself is already theft from consumers when accounting for passed on costs.