US may refund $200 billion if Trump loses his tariff lawsuit

S President Donald Trump refuses the Supreme Court’s ruling to unwind all tariffs, saying it would be a devastation for our country

The majority of the sweeping tariffs President Donald Trump imposed during his second term face one final litmus test that will determine whether he can continue to levy them or businesses are eligible for massive refunds.

If the Supreme Court upholds this ruling, the federal government may be forced to give back more than $200 billion that American businesses have paid since the tariffs were imposed, with tariffs reaching 50% for India and Brazil and 145% for China, according to CNN.

Trump told reporters Tuesday that his administration is readying an appeal to the Supreme Court. “It’s a very important decision, and frankly, if they make the wrong decision, it would be a devastation for our country,” Trump said.

Any tariff rebate could burden the Treasury, which has used the revenue to reduce borrowing, potentially leading it to raise more debt to fill the financing gap, potentially raising borrowing costs in the world's largest economy.