Xin Lang Cai Jing·2026-02-25 09:13Core Viewpoint - The U.S. Supreme Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to impose large-scale tariffs, impacting various companies, including BYD, which is seeking refunds for tariffs paid under this act [15][23]. Group 1: BYD's Legal Action - BYD has filed a lawsuit against the U.S. federal government through its four subsidiaries registered in the U.S., seeking refunds for IEEPA tariffs paid [6][10]. - The subsidiaries involved are BYD America LLC, BYD Coach & Bus LLC, BYD Energy LLC, and BYD Motors LLC, which have been affected by the tariffs imposed since February 2025 [6][10]. - The lawsuit claims that the President lacked the authority to impose tariffs under IEEPA, rendering the related executive orders illegal [10][11]. Group 2: Tariff Background and Legal Context - The tariffs in question were imposed under the assertion of a national emergency declared by the Trump administration, citing issues like border security and trade deficits [10][23]. - The Supreme Court's ruling indicates that any broad exercise of taxing power must have clear congressional authorization, which IEEPA does not provide [23]. - The total amount collected from IEEPA tariffs is reported to be approximately $133.5 billion as of December 14, 2025 [23]. Group 3: Implications for Refund Process - The Supreme Court did not provide specific arrangements for the refund process, leading to uncertainty about how refunds will be handled [23][24]. - The Customs and Border Protection agency has announced a halt to the collection of IEEPA tariffs but has not clarified the refund procedures for importers [13][23]. - BYD's lawsuit is part of a broader trend, with nearly a thousand companies seeking refunds through the U.S. International Trade Court, highlighting the complexities of institutional risks in mature markets [24].