INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.
Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Phil Magness.
On a recent Price of Business, Host Kevin Price visited with Dr. Phil Magness of the Independent Institute.
Costco Wholesale Corporation is leading a major legal charge against the Trump administration’s tariffs, arguing that the use of the International Emergency Economic Powers Act (IEEPA) to impose these broad duties is an overstep of presidential authority. Importers contend that the power to levy taxes (tariffs) belongs to Congress.
Costco’s lawsuit, filed in the U.S. Court of International Trade, is primarily a tactical move to preserve its eligibility for a full refund of duties paid, with interest. This action is necessary because even if the Supreme Court rules the tariffs unlawful (a possibility hinted at during recent oral arguments), companies risk losing their right to a refund once U.S. Customs “liquidates” or finalizes the tariff payments.
Costco is one of dozens of major players in this legal fight, which began with smaller businesses. Other significant corporations and brands that have filed lawsuits to safeguard their potential refunds include:
- Revlon (cosmetics)
- Kawasaki Motors (motorcycles)
- Bumble Bee Foods (canned foods)
- EssilorLuxottica (eyewear, Ray-Ban parent)
- Yokohama Tire
This collective legal effort signals that businesses across nearly all sectors are seeking recourse for the billions of dollars in duties collected under the contested emergency powers.
