Economists have warned that slow-walking the rebates for President Donald Trump’s now-defunct emergency tariffs could result in high costs for the government, given the interest that is accruing on revenues from the illegally collected duties.
On February 20, the Supreme Court ruled that the president was unable to impose tariffs under the International Emergency Economic Powers Act (IEEPA), which had been invoked for the majority of Trump’s global duties.
And according to a new analysis from the free-market-oriented Cato Institute, interest is compounding on the estimated $175 billion owed to importers at a rate of $20 million per day, or $700 million per month.
Wonderful system isn’t it? Rich get richer and the poor stay poor. ‘merica!
/s Sigh…