Meanwhile…Back in Economics and Tariffs
While Iran, oil, gas and macro handicapping dominate the news, the strange world of tariffs gets stranger.
The above “Truth social” might challenge the theory that people can learn facts over time with experience and counseling from helpful advisors.
This gem was posted just ahead of the start of the Iran bombing campaign, which is an unfortunately timed Truth Social post for those relying on a learning curve.
The billions in refunded tariffs would go to US buyers/importers. Team Trump should state that fact.
Trump’s message is simple enough. He is seeking a “rehearing or readjudication” of the SCOTUS ruling on IEEPA. On a side note, if a “Super Duper Supreme Court” of appeals is a near term apparition, perhaps an appeal can also be made on the earlier ruling of the President being above the law.
The main purpose here is it to highlight how Trump sees the economic interests of those seeking refunds on IEEPA tariffs that have been ruled illegal and not in line with the good old fashioned constitutional reality that Congress controls taxation (originates in the House). There are many laws that have delegated tariff authority to the White House, but IEEPA was not one of them.
Trump’s post essentially states that that those who will benefit from IEEPA tariff refunds are the sellers (“countries and companies”) and not the US-based buyer/importer who wrote that tariff check. Those who ate the costs, consumers who felt the price increases, or those who were the victims of “tariff cost mitigation actions” (layoffs) will get mixed chances for relief in court. The strongest case is those that paid the tariffs to customs.
In Trump’s comments he sees refunds (“billions and billions” and “undeserved windfall, the like of which the World has never seen before”) going to selling nations and their exporters/sellers. That of course is a fabrication that should be seen as knowingly false at this point.
Trump regularly claims that he collected “hundreds of billions” from such countries in Trump 1.0. As rational fact-based humans know, Trump collected zero from those countries since the importer/buyer, as a matter of factual reality, writes the check.
Among the immediate thousands of US corporate movers in legally seeking refunds was FedEx, who is obviously an American company with corporate headquarters in Memphis TN (not Shanghai). FDX has a huge international business and is being sued by customers for refunds. FedEx has promised to return any refunds it gets from the government to customers.
Many small businesses in the US were crushed by the tariff program with more than a few not around to seek refunds.
The only certainty in life is no White House officials will contradict the above “facts” in this Trump post with Bessent likely willing to risk a neck injury from nodding so hard.
See also:
US Trade with the World: Import-Export Mix 2-25-26
2025 trade Deficits: Reality vs. Rhetoric 2-19-26
Switzerland-US Trade: A Deficit that Glitters 2-3-26
US-Taiwan Trade: Risks Behind the Curtain 2-1-26
Trade Deficits: Math Challenge 1-30-26
China Trade: Shrinkage Report 1-28-26