Trump Tariffs

NEW YORK (AP) — The nation's highest court struck down some of U.S. President Donald Trump's…

The Supreme Court on Friday struck down President Donald Trump’s biggest and boldest tariffs. But the justices left a $133 billion question unanswered: What is going to happen to the money the government has already collected in import taxes that have now been declared unlawful? Companies have been lining up for refunds ahead of the court’s decision. But consumers, hoping for a refund on higher prices they paid when companies passed along the cost of the tariffs, are unlikely to be compensated. And the way forward is unclear and could prove chaotic.

The Trump administration is opening a new trade investigation into manufacturing in foreign countries. It’s an effort that comes after the Supreme Court struck down President Donald Trump’s previous use of tariffs. Trump and his team have made clear that they’re seeking to replace the hundreds of billions of dollars in lost revenues by using different laws to establish new tariffs. The administration is starting investigations under Section 301 of the Trade Act of 1974 to try to charge new import taxes. But U.S. Trade Representative Jamieson Greer told reporters that he didn’t want to prejudge the outcome of the process, even though he said that “the policy remains the same.”