Australia, July 26: An Australian clothing company, Nashie, recently received a six-figure refund from the US government, including 6 per cent interest, for tariffs it had paid on US imports.
Of the roughly USD 166 billion due to be refunded, more than USD 85 billion has already been returned to businesses.
But while a US Supreme Court ruling in February reversed the tariffs, much of the economic and political damage, and perhaps some of the Trump administration’s gains, will be hard to undo.
Trump’s April 2025 tariffs relied on the International Emergency Economic Powers Act (IEEPA), a 1977 law that lets presidents respond to extraordinary foreign threats yet never mentions the word “tariff”. (The Conversation)
