The US Supreme Court will not issue a ruling on Friday (January 9), in a high-profile case challenging the legality of President Donald Trump’s sweeping global tariffs.
The case, which tests the limits of presidential authority under the International Emergency Economic Powers Act, had drawn close attention from businesses, investors, and international trading partners.
The US Supreme Court will not issue a ruling on Friday (January 9), in a high-profile case challenging the legality of President Donald Trump’s sweeping global tariffs.
The case, which tests the limits of presidential authority under the International Emergency Economic Powers Act, had drawn close attention from businesses, investors, and international trading partners.
Oh, it’s worse than that. Very large companies might be able to afford to sue to get that revenue back, but others can’t afford the legal fees to do that.
But Wall St. has a solution! Firms have started buying tariff refund rights from importers, at a discount to reflect the uncertainty regarding whether those tariffs will ever be refunded.
One of the largest firms doing this is Cantor Fitzgerald, who was run by the Commerce Secretary before he took office and is now run by his sons.
See! They figured out how to grift, no matter the outcome!
Jesus fucking Christ, I thought you were joking
Oh, that’s wild. I knew about the refunds, but had no idea there was a speculative market for them.