Victor Schwartz, the CEO of VOS Selections, a wine importer, has received a $110,000 tariff refund from the U.S. government, following a Supreme Court ruling that invalidated President Donald Trump‘s International Emergency Economic Powers Act (IEEPA) tariffs.
The Treasury Department has begun refunding importers who were impacted by the tariffs. Schwartz was among the small business leaders who contested the tariffs in the Supreme Court and emerged victorious, reported The Hill on Wednesday. A spokesperson for Schwartz’s legal team told the publication that the refund had been received, indicating that the refunds were “absolutely starting to flow.”
The Customs and Border Protection (CBP) had previously stated that refunds would begin this week for successful applicants. On Tuesday, the agency told a federal judge that the first batch of refunds had been approved and sent to the Treasury Department for payment.
The CBP is now processing $35.46 billion in refunds, though the total is expected to rise as the government has collected an estimated $166 billion in deposits that must be repaid with interest.
Trump Blasts Tariff Ruling
This development comes in the wake of Trump’s criticism of the Supreme Court’s ruling on tariffs. On Sunday, Trump expressed dissatisfaction with the votes of Justices Neil Gorsuch and Amy Coney Barrett, both of whom he appointed, and claimed that the ruling would cost the US $159 billion in repayments. The President said the issue could have been “solved” with a “tiny” sentence stating that “any money paid by others to the United States does not have to be paid back.”
Meanwhile, the Trump administration had sought to overturn a federal trade court ruling that challenged the legal basis for his 10% import duties. Trump invoked Section 122 to impose replacement tariffs through an alternative legal mechanism, with the measures set to expire on July 24 unless Congress extends them. This ruling was the second major judicial rebuke to Trump’s tariff policies in recent months.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
Image via Shutterstock
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