The majority of the sweeping tariffs Donald Trump imposed during his second term face one final litmus test that will determine whether he can continue to levy them – and also whether businesses are eligible for massive refunds.
That potentially dramatic turn in the tariff saga comes after a federal appeals court ruled on Friday that Trump unlawfully leaned on the International Emergency Economic Powers Act (IEEPA) to impose across-the-board duties on countries.
Trump had used those powers to push import tax rates as high as 50% on India and Brazil – and as high as 145% on China earlier this year.
Well, consumers paid first and foremost, but businesses lost revenue because consumers kinda stop buying shit when it doubles in price - other than essentials, of course. It’s also easier to pay a bunch of businesses than to pay 300 million Americans. Oh wait, they’ve already done the latter, so how about do that again and people can spend the money to buy more shit from said businesses and everyone wins?