Summary
Costco has filed a lawsuit against the U.S. government for a potential refund if the Supreme Court rules against President Donald Trump's tariff authority. The case challenges Trump's use of emergency powers to impose tariffs. Several other major companies are also seeking similar refunds.
Key Facts
- Costco sued the U.S. government over tariffs related to President Trump's powers under the 1977 International Emergency Economic Powers Act.
- The lawsuit aims to ensure refunds if the Supreme Court limits Trump's tariff authority.
- U.S. Customs and Border Protection denied Costco's request for more time on tariff calculations.
- Costco reported $275.2 billion in revenue for the fiscal year ending August 31.
- Other companies like Bumble Bee Foods, Kawasaki Motors, and Revlon are also involved in similar lawsuits.
- The Supreme Court is fast-tracking the case but has not announced a decision date.
- Costco is reducing suppliers and increasing local sourcing to mitigate tariff impacts.
