• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon

1

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military

2

'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032

3

Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Economy

Even if the Supreme Court rules Trump’s global tariffs are illegal, refunds are unlikely because that would be ‘very complicated,’ Hassett says

Jason Ma
By
Jason Ma
Jason Ma
Weekend Editor
Down Arrow Button Icon
Jason Ma
By
Jason Ma
Jason Ma
Weekend Editor
Down Arrow Button Icon
December 21, 2025, 6:15 PM ET
Photo of Kevin Hassett
Kevin Hassett predicted that the justices will rule in the White House’s favor.Mandel Ngan—AFP via Getty Images

National Economic Council Director Kevin Hassett offered more of a practical reason than a legal argument on the future of President Donald Trump’s global tariffs.

Recommended Video

Lower courts have ruled that the so-called reciprocal tariffs invoked under the International Emergency Economic Powers Act are illegal, though the Supreme Court will have a final say.

In an interview on CBS News’ Face the Nation on Sunday, Hassett predicted that the justices will rule in the White House’s favor.

“And I also think that if they didn’t find with us, that it’s going to be pretty unlikely that they’re going to call for widespread refunds, because it would be an administrative problem to get those refunds out to there,” he added, explaining that whoever made the actual tariff payment would be in line to get a refund.

That’s as Trump has vowed that foreign countries would pay the tariffs, though importers in the U.S. have been footing the bill with many companies passing along at least a portion of the costs to consumers.

Hassett said the eventual payer of a tariff “depends on elasticities of supply and demand,” while noting Chinese companies have slashed their prices to offset tariff costs.

“But the people who pay the tariff, if there is a refund, the people who actually paid for the good, the importer, in most cases, they’re the ones who would be the first line of defense for refunding the tariff,” he said. “But I really, really don’t think that’s going to happen, it’d be very complicated. And then that person would be responsible for allocating the tariff refund to the appropriate folks.”

Hassett added, “Yes, it is a mess, and that’s why I think the Supreme Court wouldn’t do it.”

Trade experts have pointed out that the federal government already issues millions of refunds every year for income taxes, suggesting tariff refunds wouldn’t be so daunting.

Through late September, about $90 billion of the $174 billion in tariff revenue generated up to then came from the IEEPA duties.

Meanwhile, companies are already positioning themselves to get their money back in the event the Supreme Court strikes down the tariffs.

Late last month, Costco filed a lawsuit in the U.S. Court of International Trade, joining dozens of other companies suing over the IEEPA duties.

The warehouse club chain said it needed to go to court because of the uncertainty that refunds will be guaranteed if the Supreme Court rules the tariffs are illegal.

Wall Street expects that to happen as justices largely seemed skeptical of the Trump administration when they heard arguments for the case.

But other tariffs invoked under separate laws would be unaffected by a Supreme Court decision, and fresh tariffs could be imposed to replace the IEEPA levies.

In a recent interview with the Wall Street Journal, Trump warned that if the Supreme Court strikes down his global tariffs, his alternatives are not as “nimble, not as quick.”

 “I can do other things, but it’s not as fast. It’s not as good for national security,” he added. 

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
Jason Ma
By Jason MaWeekend Editor

Jason Ma is the weekend editor at Fortune, where he covers markets, the economy, finance, and housing.

See full bioRight Arrow Button Icon

Latest in Economy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Economy

President Donald Trump signing an executive order introducing a $100,000 fee for H-1B visas.
LawImmigration
Trump’s $100,000 visa fee is dead in one court and alive in another, setting up Supreme Court brawl
By Michael Casey and The Associated PressJune 9, 2026
8 hours ago
U.S. President Donald Trump on Liberation Day.
EconomyChina
China’s exports to the US are surging at a pre-Liberation Day pace, defying Trump’s tariff goals
By Chan Ho-Him and The Associated PressJune 9, 2026
9 hours ago
Photo of Scott Bessent
EconomySocial Security
‘We are rapidly running out of time’: Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
12 hours ago
The Gulf states are betting big on AI: who’s investing where?
Middle EastInvestment
The Gulf states are betting big on AI: who’s investing where?
By Melissa HancockJune 9, 2026
13 hours ago
Teenage boy on laptop
SuccessJobs
Around 22 million teenagers are making their pocket money on video games, online reselling, and in-game platforms like Roblox
By Emma BurleighJune 9, 2026
13 hours ago
View of the White House lawn and grounds
PoliticsWhite House
Lockheed, Palantir, and Amazon helped fund Trump’s White House ballroom. They also share more than $50 billion in federal contracts
By Catherina GioinoJune 9, 2026
14 hours ago

Most Popular

Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
Asia
Pentagon accuses Alibaba, Baidu and BYD, three of China's biggest companies, of supporting the Chinese military
By Kate O'Keeffe and BloombergJune 8, 2026
1 day ago
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
Economy
'We are rapidly running out of time': Watchdog sounds Social Security alarm after 22% cut confirmed for 2032
By Nick LichtenbergJune 9, 2026
12 hours ago
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
Environment
Trump, who has repeatedly called climate change fake, is now threatening Brazil with tariffs over the deforestation of the Amazon
By Sasha RogelbergJune 8, 2026
1 day ago
Current price of oil as of June 8, 2026
Personal Finance
Current price of oil as of June 8, 2026
By Joseph HostetlerJune 8, 2026
2 days ago
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
Success
Costco CEO Ron Vachris rose from forklift driver to the C-suite without a college degree: ‘Don’t chase a title’ is the career advice that got him there
By Preston ForeJune 8, 2026
2 days ago
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Success
Gen Zers are arriving at college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJune 7, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.