Trade court orders tariff refunds in setback for Trump administration

AI Summary
A US trade court ordered Customs and Border Protection to issue refunds for tariffs previously introduced by President Trump under the International Emergency Economic Powers Act (IEEPA), which the Supreme Court struck down last month. Judge Richard Eaton stated that all importers subjected to IEEPA duties are entitled to refunds, though the payment process remains unclear. This ruling is a setback for the Trump administration, which collected an estimated $130 billion from these tariffs and is now facing lawsuits from companies seeking full refunds. While the ruling stemmed from a case brought by Atmus Filtration, Judge Eaton will oversee all refund cases. Treasury Secretary Scott Bessent indicated the US is "likely" to implement a 15% global tariff to replace the IEEPA tariffs.
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