Tariff ruling is a “gift to the economy”

The Supreme Court’s decision to overturn Trump’s reciprocal tariffs is a “gift to the economy” that will likely lead to lower overall tariff rates and a more orderly imposition of future clevies, said Heather Long, chief economist at Navy Federal Credit Union. “This will boost economic growth and provide some relief for American consumers,” she said. “Smaller firms will be especially helped by this ruling. They don’t have supply chain managers to help source their goods or lobby for exclusions, so tariffs have hit smaller firms especially hard.” Moving forward, it will be harder for the Trump administration to impose tariffs without clear justification and due process, Long added. However, the refund process will be a mess, she said. Small businesses may struggle to get money back from the U.S. Treasury and it’s likely the White House will fight against issuing any refunds at all, she noted. Per: CNBC