The Court of International Trade ruling on Thursday ordered defendants to implement the decision within five days, and for the importers who sued in this case to receive refunds.
The Trump administration could appeal the trade court’s decision.
“Section 122 was passed in response to a specific historical crisis that resulted in the United States’s currency and gold reserves being depleted,” said Liberty Justice Center senior counsel Jeffrey Schwab after the ruling.
“The United States has a trade deficit, not a balance-of-payments deficit, and does not have international payments problem,” Schwab said in a statement.
Trump’s sector-specific tariffs on goods like steel, aluminium, and autos remain unaffected by these legal challenges.
Yet, Thursday’s ruling marks the latest complication in Trump’s tariffs agenda.
Since the high court dealt a sharp blow to Trump’s economic policy, businesses have also rushed for refunds.
US Customs and Border Protection estimated in March that more than 330,000 importers could be eligible for refunds after the Supreme Court’s decision.
The tariffs that were earlier struck down, imposed under the International Emergency Economic Powers Act, collected approximately US$166 billion in duties and estimated deposits.
