US Business Groups Praise Supreme Court Ruling on Tariffs

US business groups are celebrating a significant Supreme Court ruling that has deemed many tariffs imposed during the Trump administration as illegal. In a decisive 6-3 vote, the Court concluded that the executive branch had exceeded its authority by employing emergency powers to levy import taxes on a broad range of trading partners.

Neil Bradley, executive vice president and chief policy officer for the US Chamber of Commerce, remarked that the ruling represents "welcome news for businesses and consumers." He emphasized the considerable cost increases and supply chain disruptions that companies have experienced as a direct result of these tariffs.

Bradley urged the Biden administration to move quickly in issuing refunds for the improperly collected duties, along with revising the overarching tariff policy to stimulate economic growth and alleviate financial pressures on families.

Additionally, the coalition We Pay the Tariffs, which advocates for small businesses, echoed calls for "full, fast and automatic" refunds. They asserted that many of their members have incurred billions of dollars in duties that should never have been imposed.

US Senator Mitch McConnell, a Republican from Kentucky, also showed support for the Supreme Court's decision. In a statement, he asserted that the shortcomings of extensive trade wars with allies were apparent long before today's ruling.

McConnell added that the American public is aware that artificial barriers placed by Washington make domestic building and purchasing far more expensive.

Edward Fishman, a former State Department and Treasury official currently with the Council on Foreign Relations, noted that this ruling could limit the capacity to use tariffs as a rapid-response tool in geoeconomic scenarios. Nonetheless, he stated that tariffs could still be employed through other legal avenues during trade negotiations.

Despite the optimism surrounding the ruling, some business groups have expressed caution, highlighting that uncertainty remains. There are concerns that tariffs could be reinstated through alternative legal frameworks.