America will refund about 'half the tariffs' if SCOTUS rules Trump overstepped, Bessent says

[Zorro]

The Treasury Department will issue rebates if the Supreme Court upholds a ruling that President Donald Trump’s “reciprocal” tariffs were an overstep of power, Treasury Secretary Scott Bessent said Sunday.

“We would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” Bessent said during an appearance on NBC News’ “Meet the Press.”

He added that, “If the court says it, we’d have to do it.”

But there are “numerous other avenues” that can be taken on tariffs, though they would “diminish President Trump’s negotiating position,” Bessent said, without citing details.

During an appearance on CBS News’ “Face the Nation,” National Economic Council Director Kevin Hassett said there are “other legal authorities” to implement tariffs if the Supreme Court does not rule in favor of the Trump administration. He suggested “Section 232” investigations, which were used to implement steel and aluminum tariffs, among other options.

https://finance.yahoo.com/news/america-refund-half-tariffs-scotus-151808107.html

[hlthe2b]

1. Refunded to who? Clearly the consumers will continue to be the losers.

Karma, F...kers. I hope it comes to everyone who has ever even considered embracing Trump/MAGA. Less so for those who finally saw the light, but...

[Bok_Tukalo]

2. The Importer of Record

Which would go straight to inventory which means immediate price reductions from the smart companies in a scramble for market share.

Immediate windfall to the short-sighted ones.

Edit: Might fuck up the borrowing base for a bit but that would be managed.

[CousinIT]

3. NOT consumers, definitely. We're screwed. n/t

[lostnfound]

8. Refunded to Howard Lutnick's young son, in many cases...who bought up the potential refunds at 25 cents on the dollar

https://talkingpointsmemo.com/edblog/lutnick-family-angling-to-make-astronomical-sums-off-court-nixing-tariffs

What are chances that they didn’t have inside insight into what was likely to happen with these tariffs??

There’s also a lovely paragraph in here about how Howard Lutnick had to pay no capital gains when he handed over his shares of Cantor Fitzgerald to his (“unrelated party”, cough, cough) sons, because he did it as part of complying with government ethics requirements. ~$360 M in transactions.

[GoCubsGo]

4. Nice scam you have going there, motherfuckers.

Just another way to concentrate the wealth. Force tariffs. Make the consumers pay them. Refund the money to the corporate importers. Fuck you, you fucking fucks.

[BigmanPigman]

10. Hear, hear!!!

You sound like me.

[Silent Type]

5. Sounds like trump admin thinks they might lose this one.

[lostnfound]

13. Which means Trump lackey Lutnick will be further enriched

[TheFarseer]

6. So the corporations that paid the tariffs

Would get to pass the costs on to us and then get refunded the costs that they passed on? Only in Trump America.

[surfered]

7. Half? We've been illegally overcharged, but only get half back? Where are the class action lawyers?

[newdeal2]

9. We should sue these assholes

We want our money back and we want it NOW with interest.

[Ms. Toad]

11. If the Supreme Court rules trump overstepped,

They won't get to choose how much to refund.

[EnergizedLib]

12. So they'll only half comply?