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

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
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
Add Fortune on Google for similar content.

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
Add Fortune on Google for similar content.

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

Young couple looking sad in front of a home with a for sale sign
Real EstateHousing
Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
By Tristan BoveJune 30, 2026
13 hours ago
Russian President Vladimir Putin
EconomyRussia
It started with one viral influencer complaining about Russia’s economy. Now a record 60% of Russians are pessimistic about their country’s outlook
By Tristan BoveJune 30, 2026
15 hours ago
A woman types into a kiosk at an airport.
Travel & LeisureAviation
‘You can expect prices to be high and stay high’: Domestic airfare is skyrocketing faster than international flight costs, despite using less jet fuel
By Sasha RogelbergJune 30, 2026
16 hours ago
mill
InvestingWealth
America added more than 1,200 millionaires per day in 2025, but the heyday of the ‘everyday millionaire’ is already over
By Nick LichtenbergJune 30, 2026
17 hours ago
US President Donald Trump arrives to speak during a Rose Garden Club dinner with American farmers at the White House in Washington, DC, on June 25, 2026.
EconomyBig Oil
Trump takes his inflation battle to gas retailers after his plot against the Fed runs aground—sets target for $2.50 a gallon
By Eleanor PringleJune 30, 2026
21 hours ago
Mark Zuckerberg, CEO of Meta
EconomyMarkets
AI stocks are in an ‘air pocket’ and Meta and Microsoft are being traded like ‘bear market names that cannot be owned,’ top analyst says
By Jim EdwardsJune 30, 2026
22 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
21 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 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.