China · Donald Trump · Supreme Court · U.S. · Apple · Fortune Technology
The Supreme Court handed Trump a Golden Chariot on tariffs, now he just has to take it
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In Greek theater, a deus ex machina arrives when a protagonist is hopelessly trapped, and a golden chariot descends from the heavens to rescue them from a conflict they cannot escape on their own.
Key facts
- The government owes roughly $166 billion plus interest in total, a one-time windfall equivalent to nearly a quarter of S&P 500 earnings in the first quarter of 2026
- More than $35 billion has already been processed and is on its way to business bank accounts, according to a CBP court filing
- Walmart, Apple, Home Depot, General Motors, John Deere, FedEx, and Costco have all confirmed they are applying for refunds
- The clearest evidence of this shift is Trump’s recent visit to China, where, instead of wielding 145% tariff threats or escalating a tit-for-tat trade war, he secured incremental agreements for China
Summary
The ruling has set three consequential developments in motion simultaneously, each of which reshapes the economic outlook for the better. Ever since the Customs and Border Protection agency opened a refund portal on April 20 for the more than 330,000 firms that paid over $166 billion in import taxes under Trump’s court-invalidated use of the International Emergency Economic Powers Act, corporate America has moved with striking unanimity. More than $35 billion has already been processed and is on its way to business bank accounts, according to a CBP court filing. Trump has responded with characteristic bravado, calling the refund-seekers people who “hate our country” and threatening to “remember” companies that pursue the money legally owed them.