"At 8am, two hours before the US supreme court officially slapped down Donald Trump's liberation day tariffs on 20 February, Joseph Spraragen's phone was already ringing off the hook. The seasoned New York-based attorney and his 40-strong specialised trade team at Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt (GDLSK) had spent months filing hundreds of lawsuits for heavy-hitter clients, including luxury brands Prada and Dolce & Gabbana, in protest of the US president's decision to impose sweeping import taxes last April."
"But that Friday's ruling deeming Trump's tariffs illegal opened the floodgates, sending hundreds of thousands of businesses across the US scrambling for advice on how to secure their share of an estimated $175bn (129bn) tariff refund pot. Already, FedEx, L'Oreal, Dyson and others have sued for refunds. Now clients are looking for trade lawyers at a rate unseen throughout Spraragen's 30-year career."
"To me, the only winners from this trade war that Trump has launched, have been the lawyers, said Jennifer Hillman, a law professor at Georgetown University, and former general counsel for the US trade representative office."
The Supreme Court's February 20 decision striking down Trump's tariffs imposed in April sparked massive demand for trade legal services. Trade attorney Joseph Spraragen's firm, which had filed hundreds of lawsuits for luxury brands like Prada and Dolce & Gabbana, experienced unprecedented client inquiries following the ruling. An estimated $175 billion in tariff refunds became available, prompting major companies including FedEx, L'Oreal, and Dyson to pursue refunds. This created a gold rush for trade lawyers, hedge funds acquiring refund rights, and AI firms entering the market. However, legal experts note that lawyers appear to be the primary beneficiaries, while American consumers who paid higher prices during the tariff period may not recover their costs.
Read at www.theguardian.com
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