Court shocks Trump tariffs.. Refunds to companies

The US government has suffered another major setback in the high trade tariffs imposed by US President Donald Trump. The New York Trade Court has given a key ruling that the money collected from companies under the high tariffs should be refunded. The court, which heard the petition filed by the company ‘Atmos Filtration’, clarified that importers are entitled to recover the additional tariffs paid. Trade Court Judge Richard Eaton said that he will continue the hearing of these cases. However, the Trump government’s lawyer revealed that this ruling will be appealed.

The US Supreme Court has so far overturned the huge tariffs imposed by Trump under the International Emergency Economic Powers Act of 1977. It has been clarified that Congress has the power to impose tariffs and the president cannot make unilateral decisions. Economic experts estimate that this latest ruling is likely to put a huge burden on the US treasury. It is said that approximately Rs. 15.88 lakh crore in tariff money may have to be refunded. At the same time, 20 US states have also approached the court over the new tariffs imposed by Trump.