The ruling has highlighted the complexity of unwinding a major trade policy shift – but what are the next steps for the companies involved, as well as their financiers?
The US Supreme Court landed the Trump administration a severe blow last week, determining that the so-called Liberation Day tariffs, launched in April last year under the International Emergency Economic Powers Act (IEEPA) – which gives a president the power to regulate trade in response to an emergency – were unlawful.
Now, the government could be on the hook for US$175bn or more in tariff refunds, with several high-profile companies among the more than 1,400 that have filed protective claims with…