Even If Trump's Tariffs Are Ruled Illegal, We Still Lose. Only Wall Street Wins.
Briefly

Even If Trump's Tariffs Are Ruled Illegal, We Still Lose. Only Wall Street Wins.
"The bet is this. If the Supreme Court upholds lower court rulings declaring the president's tariffs illegal, companies that were whacked by them will be entitled to refunds on the import duties that they paid. This could mean a bucketful of money. So the financial services industry, which can be seen riding the thermals high above any pile of money dead by the side of the road, has announced that it will buy the legal rights to these refunds."
"The trade gained attention in July, when that it had seen a pitch letter from Cantor Fitzgerald, the Wall Street brokerage once led by Commerce Secretary Howard Lutnick, and is now helmed by Brandon Lutnick, one of his sons. Cantor was willing to buy the rights to a company's claim and pay 20 to 30 percent of whatever it recovered, according to W"
Cantor Fitzgerald, which lost hundreds of employees on 9/11 and later became a notable philanthropic donor, is purchasing legal rights to claims for refunds of import duties if courts invalidate presidential tariffs. The potential refunds could be substantial and have attracted Wall Street interest. For importers, selling refund rights can mitigate tariff losses, though some offers value claims at pennies on the dollar. Cantor Fitzgerald reportedly offered to buy claims and pay 20 to 30 percent of any recovered amounts. Large U.S. companies are reportedly considering such proposals amid ongoing litigation over tariff legality.
Read at Esquire
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