Costco Joins 1,000+ Lawsuits to Reclaim 10% Tariffs Facing Possible 15% Hike
Costco has joined more than 1,000 companies in filing lawsuits to recoup illegal 10% global tariffs imposed under Section 122 of the Trade Act, with the process potentially taking years. The administration may raise duties to 15%, threatening further cost increases across Costco’s supply chain.
1. New 10% Section 122 Tariffs Enacted
The administration invoked Section 122 of the Trade Act to impose a 10% global tariff after the Supreme Court invalidated broader duties. These levies aim to address trade deficits and will remain for up to 150 days unless extended by Congress.
2. Costco Joins Lawsuits Seeking Refunds
Costco is among over 1,000 companies that have sued to recover tariffs deemed illegal, though the refund process could take years. The administration has signaled a potential increase to 15% on certain imports, threatening higher costs across Costco’s supply chain.