BREAKING: Costco hits Donald Trump with a massive lawsuit over his disastrous and illegal tariffs — and demands that his administration cough up a "full refund" for the money he took.
The dam is about to break on this White House...
“Because [the the International Emergency Economic Powers Act] does not clearly authorize the President to set tariffs ... the Challenged Tariff Orders cannot stand and the defendants are not authorized to implement and collect them,” Costco's lawsuit reads.
The retail juggernaut is demanding massive monetary recompense if and when the Supreme Court rules that the tariffs were illegally implemented. Costco stated that U.S. Customs and Border Protection has denied their request for more time to calculate the total tariffs owed, which could endanger the company's ability to obtain a full refund if Trump loses in court.
The suit also asks the judge to block CBP from seizing further tariffs until the case is decided. While Costco did not state in the suit how much the tariffs have cost them, importers have paid close to $90 billion under the IEEPA through September according to CBP.
Crucially, Costco isn't the only corporation leveling this kind of lawsuit against the Trump administration, meaning that if the Supreme Court strikes down Trump's tariffs, there could be a deluge of money flowing back to these companies. Cosmetics titan Revlon, motorcycle company Kawasaki, and canned foods company Bumble Bee are just a few of the firms suing.
While it's still unclear how the court will rule, both liberal and conservative justices have already voiced skepticism for Trump's power to implement the tariffs. They seem to have indicated that the will rule against him in order to uphold existing laws on the books. If and when that happens, Trump is in deep, deep trouble.
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