US may have to refund businesses more than $200 billion if Trump loses his tariff lawsuit
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For the first time in years, job seekers are outnumbering job openings, signaling a softening in the labor market. The number of job openings was an estimated 7.18 million at the end of July, falling from a downwardly revised 7.36 million the month before, according to Bureau of Labor Statistics data released Wednesday. Job openings are now not only at their lowest level in 10 months, but they’re also below the number of unemployed workers (at 7.2 million) for the first time since April 2021.
Also, the majority of the sweeping tariffs President Donald Trump imposed during his second term face one final litmus test that will determine whether he can continue to levy them – and also whether businesses are eligible for massive refunds. That potentially dramatic turn in the tariff saga comes after a federal appeals court ruled on Friday that Trump unlawfully leaned on the International Emergency Economic Powers Act (IEEPA) to impose across-the-board duties on countries. Trump had used those powers to push import tax rates as high as 50% on India and Brazil – and as high as 145% on China earlier this year. American businesses have paid over $210 billion as of August 24 to cover the tariffs that US courts have determined are illegal. On Tuesday, Trump acknowledged that the court’s decision, if upheld by the Supreme Court, could result in the US Treasury having to “give back” tariff revenue collected.
For the first time in years, job seekers are outnumbering job openings, signaling a softening in the labor market. The number of job openings was an estimated 7.18 million at the end of July, falling from a downwardly revised 7.36 million the month before, according to Bureau of Labor Statistics data released Wednesday. Job openings are now not only at their lowest level in 10 months, but they’re also below the number of unemployed workers (at 7.2 million) for the first time since April 2021.
Also, the majority of the sweeping tariffs President Donald Trump imposed during his second term face one final litmus test that will determine whether he can continue to levy them – and also whether businesses are eligible for massive refunds. That potentially dramatic turn in the tariff saga comes after a federal appeals court ruled on Friday that Trump unlawfully leaned on the International Emergency Economic Powers Act (IEEPA) to impose across-the-board duties on countries. Trump had used those powers to push import tax rates as high as 50% on India and Brazil – and as high as 145% on China earlier this year. American businesses have paid over $210 billion as of August 24 to cover the tariffs that US courts have determined are illegal. On Tuesday, Trump acknowledged that the court’s decision, if upheld by the Supreme Court, could result in the US Treasury having to “give back” tariff revenue collected.
