Supreme Court rules Trump's emergency tariffs are illegal

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I studied economics in high school and college. Basic stuff. Both classes told me that tariffs don't work. Basic econ 101 and high school econ.

Yet that moron....

Glad the scotus had its head screwed on straight this time.

Tariffs don't work, yet every country has them.

+1

Tell us, O wise one, how do tariffs lower prices?

[Anonymous]

How stupid is Kavanaugh comment on refunding the tariffs? It’s like he has no clue how businesses work.

I was watching a cable show and the “guest” commentator referred to Kavanaugh comment on how complicated refunds would be. They said oh it’s billions of dollars and the money has been earmarked or spent. This is laughable. The money was collected illegally and has to be returned.

Every dollar if tariff collected has a paper trail.

[Anonymous]

There were individuals reporting that UPS and DHL wanted payment on delivery for goods purchased from abroad. Probably there will be receipts for those, as there would have been credit card or bank transactions
However, if companies deducted tariffs as overhead, I think they should have to refile their taxes if the companies get refunds

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Refunds could be simple, just have companies and individuals claim them as deductions on taxes. Probably companies already do that, but let individuals who had to pay also do that. There will be receipts if the IRS wants to check

Companies (and the very wealthy) keep receipts. Others, not so much. And companies (and the very wealthy) import. Others just pay the eventual tariff inflated prices. Accrual of payment across the broad public to the few at the top.

It's almost as if this was by design...

You actually have to pay the tariffs to the US government to have a claim. If a business imports an item, pays tariffs, sell the item with a markup to cover the tariffs and a consumer buys the item at the higher price that consumer has no claim.

There's a legal claim and there's an economic claim. Refund the tariff to whomever paid it to the government, but, unless the ultimate consumer actually paid the tariff, your simple solution, just generates a windfall profit to importer.

[Anonymous]

Anonymous wrote:How stupid is Kavanaugh comment on refunding the tariffs? It’s like he has no clue how businesses work.

I was watching a cable show and the “guest” commentator referred to Kavanaugh comment on how complicated refunds would be. They said oh it’s billions of dollars and the money has been earmarked or spent. This is laughable. The money was collected illegally and has to be returned.

Every dollar if tariff collected has a paper trail.

+1 Trump was complaining about how the SCOTUS decision doesn’t address reimbursement at all - duh, there’s already established law that determines that any tariff deemed illegal needs to be refunded.

[Anonymous]

Anonymous wrote:How stupid is Kavanaugh comment on refunding the tariffs? It’s like he has no clue how businesses work.

I was watching a cable show and the “guest” commentator referred to Kavanaugh comment on how complicated refunds would be. They said oh it’s billions of dollars and the money has been earmarked or spent. This is laughable. The money was collected illegally and has to be returned.

Every dollar if tariff collected has a paper trail.

In the simple case, the tariffed item was a finished good, but, in many cases, the tariffed item was incorporated in some other good, and so, on, until an actual finished good was produced. E.g. a tariffed GPU might have ended up sold to the ultimate consumer, or on some graphics card that incorporated 30 other chips then sold to the consumer, or in a supercomputer along with thousands of other GPUs. And intermediaries along the way.

[Anonymous]

Yes but whoever paid the US government a Tariff should be made whole

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Refunds could be simple, just have companies and individuals claim them as deductions on taxes. Probably companies already do that, but let individuals who had to pay also do that. There will be receipts if the IRS wants to check

Companies (and the very wealthy) keep receipts. Others, not so much. And companies (and the very wealthy) import. Others just pay the eventual tariff inflated prices. Accrual of payment across the broad public to the few at the top.

It's almost as if this was by design...

You actually have to pay the tariffs to the US government to have a claim. If a business imports an item, pays tariffs, sell the item with a markup to cover the tariffs and a consumer buys the item at the higher price that consumer has no claim.

There's a legal claim and there's an economic claim. Refund the tariff to whomever paid it to the government, but, unless the ultimate consumer actually paid the tariff, your simple solution, just generates a windfall profit to importer.

Yup. That was exactly the point of the "as if this was by design" post.

[Anonymous]

Anonymous wrote:Yes but whoever paid the US government a Tariff should be made whole

...to the extent they were not made entirely whole, already, by passing the cost on to the consumer.

[Anonymous]

Anonymous wrote:I will be curious to see how Trump and company argue that the predicate for 122 tariffs is met.

"SEC. 122. BALANCE-OF-PAYMENTS AUTHORITY.
(a) Whenever fundamental international payments problems
require special import measures to restrict imports".

What international payments problems are we seeing?

Trump voice: “we had a big payment problem. Under Biden. I think it was a disgrace if you want to know the truth. But we don’t have a payment problem anymore. We’re richer than we’ve ever been.”

{the courts spend years debating what this means and whether it matters}

[Anonymous]

Can someone explain how Trump is able to impose the 15% tariffs across the board after this decision? I don't understand how he can do that after this ruling.

[Anonymous]

Anonymous wrote:Can someone explain how Trump is able to impose the 15% tariffs across the board after this decision? I don't understand how he can do that after this ruling.

Legally? He can’t. Practically, he did because he’s surrounded by sycophants who won’t give him correct advice (not that he’d follow it anyway).

[Anonymous]

Anonymous wrote:Can someone explain how Trump is able to impose the 15% tariffs across the board after this decision? I don't understand how he can do that after this ruling.

He is citing a different law.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How stupid is Kavanaugh comment on refunding the tariffs? It’s like he has no clue how businesses work.

I was watching a cable show and the “guest” commentator referred to Kavanaugh comment on how complicated refunds would be. They said oh it’s billions of dollars and the money has been earmarked or spent. This is laughable. The money was collected illegally and has to be returned.

Every dollar if tariff collected has a paper trail.

In the simple case, the tariffed item was a finished good, but, in many cases, the tariffed item was incorporated in some other good, and so, on, until an actual finished good was produced. E.g. a tariffed GPU might have ended up sold to the ultimate consumer, or on some graphics card that incorporated 30 other chips then sold to the consumer, or in a supercomputer along with thousands of other GPUs. And intermediaries along the way.

And all have a paper trail. Everything is tracked - the item, who paid the tariff, etc. This is like saying the IRS and each tax payer does not know how much taxes they pay each year. It is not complicated.

[Anonymous]

Anonymous wrote:Can someone explain how Trump is able to impose the 15% tariffs across the board after this decision? I don't understand how he can do that after this ruling.

He can’t but it will take another year for this tariff to work its way up to SCOTUS. Trump can just continue changing legal reasoning and it will take a year or more to work its way through the courts.