Washington: The US Supreme Court has annulled the steep import taxes imposed by President Donald Trump, leading to large-scale refunds to importers, according to official filings.
Trump began his second term as US President in January last year. Soon after taking office, he imposed unusually high tariffs on several countries, including India, citing the trade deficit as the reason.
US states and domestic business firms challenged the move in the Supreme Court. After hearing the case, the court ruled that the President did not have the authority to impose such extraordinary taxes and ordered that the amounts collected be returned to importers.
Following the ruling, the US Customs and Border Protection department said it has refunded Rs 9.50 lakh crore—about 60% of the Rs 15.77 lakh crore collected when the tariffs were in force. The agency added that claims for the remaining amounts are under review and will be refunded soon.
