Securities Regulation Daily Wrap Up, VITAL BRIEFING—Trump fights easy tariff refunds in court; refunds widen deficit, (Aug 14, 2026)
The Trump administration is now formally appealing the Court of International Trade’s April order calling for the refund of all tariffs improperly collected under International Emergency Economic Powers Act (IEEPA).
In this installment of Tariff Insights, Thomas Thompson chronicles the Trump administration’s ongoing battle with importers over refunds of tariffs that the Supreme Court determined were unlawfully imposed in February of this year. Meanwhile, a recent Treasury report indicates the highest ever federal budget deficit for the month of July, which was due, in part, to tariff refunds. Some of the other items Thompson discusses in the article include:
Importers had filed more than 7,000 suits in the Court of International Trade for refunds even before the Supreme Court invalidated Trump’s use of the International Emergency Economic Powers Act.
In an attempt to spur domestic production, President Trump recently announced the imposition of 15 percent tariffs on polysilicon, which is used in the production of semiconductors and solar panels, and also set minimum import prices for the commodity.
Relying on Section 232 of the Trade Expansion Act of 1962, which gives the president broad authority to restrict imports and set tariffs if it is found that goods are imported in quantities that threaten national security, the administration proposed imposing 25 percent tariffs on brass wind instruments and their parts and accessories, including trumpets, trombones and tubas.
To read the piece, click on Trump fights easy tariff refunds in court; refunds widen deficit.
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