Yahoo Finance
If it seems like everything is expensive these days, it might not be just because ofinflation.
When tariffs were raised, those costs were either passed onto consumers or companies.
And now that some of the tariffs from the past year have been deemed unconstituitional, companies want their money back.
President Donald Trump declared several rounds of emergency tariffs when he came into office as a way to put pressure on foreign countries to make trade deals.
Many of the president’s sweeping emergency tariffs were declared unlawful by the Supreme Court in March,the AP reported.
The court ruled that the Constitution states that taxation belongs to Congress, not the President's office.
“The Framers did not vest any part of the taxing power in the Executive Branch,” Chief JusticeJohn Roberts wrote.
government for its sweeping tariffs after the ruling, as many were left to collect tariffs.
According to theFinancial Times, over 900 legal challenges were filed after the Supreme Court ruling against tariffs.
FedEx has sued the Trump administration for a full refund of the tariffs the company had to pay,ABC7 reported.
Meanwhile, Sony is being sued by two gamers who claim the company received a significant amount of money due to the tariffs,Wnhub reported.
States and small businesses have also joined to challenge the 10% tax that Trump rolled out after the Supreme Court ruling,The New York Times reported.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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