$200B in Tariff Refunds? Court Opens the Door 🚪

Author

Ben Thompson
September 04, 2025

In partnership with

Welcome to all our new subscribers and a warm “Ahoy” to our loyal readers. Another new week, let's take a look 🔭

In today’s email:

  • Court Ruling: ⚖️ Appeals court strikes down Trump’s global tariffs, refunds possible.

  • Seed Battle: 🌱 Farmers banned from replanting seeds.

  • Gold Surge: 📈 Prices hit record $3,500+/oz as investors seek safety.

  • Chemical Bust: ⚗️ Feds seize 300,000kg of meth precursors in record Houston port raid.

TRADE NEWS

U.S. Appeals Court Strikes Down Trump’s Tariffs

On August 29, 2025, a U.S. federal appeals court struck down former President Donald Trump’s global “reciprocal” tariffs, ruling that he had exceeded his authority under the International Emergency Economic Powers Act (IEEPA).

The case was brought by two groups: a coalition of small importers, led by New York–based wine distributor V.O.S. Selections, and a group of 12 states led by Oregon and Arizona. Both argued that the sweeping tariffs went beyond what Congress had authorized. The court agreed, noting that tariff powers lie with Congress and not the executive branch.

Despite the ruling, the court put its decision on hold until mid-October to allow time for appeal. This means the tariffs remain in effect for now, and U.S. Customs will continue collecting duties under the current schedule. The federal government has already indicated it will seek review by the Supreme Court.

The implications for trade are significant. If the Supreme Court upholds the ruling, importers may be eligible to claim refunds on duties paid under the IEEPA framework. On the other hand, if the ruling is overturned, the tariffs will remain firmly in place. Either way, tariffs imposed under other laws—such as Section 232 on metals and Section 301 on Chinese imports—will continue unaffected.

For importers and exporters, the next six weeks are a period of waiting and uncertainty. The Supreme Court’s decision could reshape U.S. tariff policy and determine whether billions in duties remain—or are rolled back. Watch clip

TOGETHER WITH STOCKS & INCOME

Wall Street has Bloomberg. You have Stocks & Income.

Why spend $25K on a Bloomberg Terminal when 5 minutes reading Stocks & Income gives you institutional-quality insights?

We deliver breaking market news, key data, AI-driven stock picks, and actionable trends—for free.

Subscribe for free and take the first step towards growing your passive income streams and your net worth today.

Stocks & Income is for informational purposes only and is not intended to be used as investment advice. Do your own research.

VIDEO OF THE WEEK

Exposing Why Farmers Can't Legally Replant Their Own Seeds

One farmer dead. A herbicide war. From poison ivy research to Roundup, dioxin scandals, seed contracts, and courtroom shocks—this investigation uncovers how one company reshaped farming and sparked global backlash.

TRADE SNIPPETS

Feds announce largest chemical bust in Houston Port. Federal agents seized over 300,000 kilograms of meth precursor chemicals at the Port of Houston, calling it the largest haul in U.S. history. The bust disrupted cartel supply chains worth an estimated $569 million.

Amazon to end shared Prime free shipping. Amazon will end its Prime Invitee Program on Oct. 1, 2025, stopping free-shipping benefits for non-household members. Impacted users can access discounted memberships instead.

Gold hits all-time high amid flight to safety. Gold surged to a record $3,549.66/oz—a 33 % gain in 2025—as investors flock to safe-haven assets amid uncertainty, Fed-rate cut expectations, and political risk. Silver also rose above $40/oz.

How 433 Investors Unlocked 400X Return Potential

Institutional investors back startups to unlock outsized returns. Regular investors have to wait. But not anymore. Thanks to regulatory updates, some companies are doing things differently.

Take Revolut. In 2016, 433 regular people invested an average of $2,730. Today? They got a 400X buyout offer from the company, as Revolut’s valuation increased 89,900% in the same timeframe.

Founded by a former Zillow exec, Pacaso’s co-ownership tech reshapes the $1.3T vacation home market. They’ve earned $110M+ in gross profit to date, including 41% YoY growth in 2024 alone. They even reserved the Nasdaq ticker PCSO.

The same institutional investors behind Uber, Venmo, and eBay backed Pacaso. And you can join them. But not for long. Pacaso’s investment opportunity ends September 18.

Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.

CLIPS ON “X”

LETS MEME

Was this email forwarded to you? Subscribe here for update