- Jun 1, 2018
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FROM AUTOBLOG: "The U.S. Treasury will soon be forced to start writing checks – a lot of checks – following the Supreme Court’s ruling that the Trump administration had no Constitutional power to collect an estimated $175 billion in tariffs under the International Emergency Economic Powers Act, or IEEPA. That’s now been backed by two other rulings, including one by Judge Richard Eaton of the U.S. Court of International Trade in New York, who declared importers were “entitled to benefit” from those decisions without further delay.
Clearly, major importers are hoping to get paid back as soon as possible. So are consumers who shelled out more on everything from imported groceries to foreign-made electronics. The auto industry is, of course, a major importer and, by various estimates, manufacturers collectively paid out about $25 billion in higher duties last year. So, the Supreme Court ruling might seem like a potential windfall for automakers – and auto buyers – alike. But, if you bought a vehicle since last April, don’t start anticipating one of those refund checks winding up in your mailbox."
What will this look like for dealers? Does anyone have any thoughts or insights?
Clearly, major importers are hoping to get paid back as soon as possible. So are consumers who shelled out more on everything from imported groceries to foreign-made electronics. The auto industry is, of course, a major importer and, by various estimates, manufacturers collectively paid out about $25 billion in higher duties last year. So, the Supreme Court ruling might seem like a potential windfall for automakers – and auto buyers – alike. But, if you bought a vehicle since last April, don’t start anticipating one of those refund checks winding up in your mailbox."
What will this look like for dealers? Does anyone have any thoughts or insights?
