IN THE NEWS: With Court's Tariff Ruling, Businesses Could Soon Be Owed Refunds. Here's What to Know.
CBS News
September 4, 2025
Megan Cerullo
FROM THE ARTICLE: American businesses could be owed tens of billions of dollars in refunds for tariffs they paid on foreign goods.
US Customs and Border Protection has collected more than $200 billion in tariff revenue from American businesses of all sizes from October through August 24, according to agency data. Of that, more than $70 billion comes from payments of country-based tariffs that a federal appeals court recently ruled President Trump lacked the authority to impose.
Industry-specific tariffs, such as steel and aluminum levies, are unaffected by Friday's ruling.
The court on Friday ruled that President Trump unlawfully invoked the International Emergency Economic Powers Act, or IEEPA, to impose sweeping tariffs of up to 145% on dozens of U.S. trade partners. Mr. Trump on Wednesday asked the Supreme Court to review the federal appeals court's decision before it takes effect on Oct. 14.
Mr. Trump's appeal means that, for now, there's no guarantee businesses will receive refunds. That spells more uncertainty for enterprises struggling to balance raising prices to cover the cost of levies against potentially turning away customers, according to supply chain experts.
"From the supply chain perspective, we are seeing a lot of uncertainty, which has been the case since April 2," Scott Pruneau, CEO of ITS Logistics, told CBS MoneyWatch. "No one knows how to price their goods, because you can't whipsaw your customers on pricing."
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