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1h ago

Costco Seeks Refund of IEEPA Tariffs as Treasury Outlines Backup Plan

Treasury Secretary Scott Bessent says the administration can re-create the structure under Sections 301, 232, 122 should the Supreme Court curtail IEEPA authority.

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MAGA supporters boycott Costco(Photo by Patrick T. Fallon / AFP)
WASHINGTON, DC - DECEMBER 02: U.S. President Donald Trump attends a meeting of his Cabinet in the Cabinet Room of the White House on December 02, 2025 in Washington, DC. A bipartisan Congressional investigation has begun regarding Secretary of War Pete Hegseth's role in ordering U.S. military strikes on small boats in the waters off Venezuela that have killed scores of people, which Hegseth said are intended "to stop lethal drugs, destroy narco-boats and kill the narco-terrorists who are poisoning the American people.” (Photo by Chip Somodevilla/Getty Images)
Treasury Secretary Scott Bessent speaks onstage during The New York Times DealBook Summit 2025 at Jazz at Lincoln Center on December 03, 2025 in New York City.

Overview

  • Costco filed in the U.S. Court of International Trade to declare President Trump’s IEEPA-based duties unlawful and to recover all tariffs paid, warning entries could be locked by liquidation as soon as Dec. 15.
  • The Supreme Court, which heard skeptical arguments on Nov. 5, is expected to rule on whether IEEPA authorizes broad revenue-raising tariffs after lower courts found the duties unlawful.
  • At the DealBook Summit, Bessent said the White House can replicate the “exact tariff structure” using Sections 301, 232 and 122 and described that approach as effectively permanent.
  • Reporting indicates the administration has adjusted some IEEPA orders and increased reliance on other trade statutes as it prepares for a possible loss, while CBP says it continues enforcing existing directives.
  • The White House argued overturning the tariffs would carry large economic costs, and Costco’s suit drew boycott calls from some Trump supporters on social media.