Overview
- The Bureau of Economic Analysis reported 4.3% annualized growth for July through September, with gains led by consumer and government spending and exports as business investment slowed.
- President Donald Trump posted that tariffs drove the stronger numbers and urged support for a favorable Supreme Court outcome, while also asserting there is no inflation.
- The Supreme Court heard expedited arguments in November on the legality of the tariff program under emergency powers, and a ruling has not yet been issued.
- An emerging market has formed for potential tariff-refund claims, with companies selling expected refund rights to investors to bolster cash flow, Reuters reported.
- Trade lawyers say hundreds of cases have been filed at the Court of International Trade to preserve importers’ refund rights, as White House economist Kevin Hassett said he expects the administration to prevail and broad refunds would be unlikely or difficult to administer.