There’s a general misconception about tariff wars, and this is that the IEEPA tariff wars are the only ones that have been instituted over the course of our country’s history, or have been damaging to the economy. For historians and economics, it is widely known that history, unfortunately, repeats itself over and over. To this end, the tariff wars we’re just coming out of closely resemble those that occurred in 1930, known as the Smoot-Hawley Tariff Act of 1930. This Act was responsible to increasing duties on over 20,000 imported goods to record levels, which in turn led to retaliatory tariffs from over 20 trading partners in just a year, resulting in the plunging of U.S. exports to approximately 40 percent. In fact, most economic historians regard this Act as one of the major triggers for the Great Depression which followed shortly after. This then beggars belief why the architects of the 2025-2026 IEEPA tariffs decided to repeat history, placing the country at a precarious economic position. If you’re a major corporation involved in the import and export business, you’re probably watching in the sidelines and waiting to see what will transpire, and most importantly, what will happen to your IEEPA tariff refunds – read on to gain more knowledge on this issue and why fast action is of the essence, right now.
Are you looking for a best IEEPA refunds attorney? Please call us NOW at (314) 481-63338 to learn more about your legal options for justice and compensation as they relate to IEEPA refunds and the process. McCready Law is proud to announce that we have joined forces with Frost Law Arizona to help corporations and businesses that were unlawfully levied duties against during the February 2025 to February 2026 period, and thanks to the Supreme Court ruling, the government was ordered to pay back all these duties to over 300,000 affected businesses across the country. Our strategic partnership means we are able to assess your claim, consolidate your entries via an in-depth forensic audit to discover just how much the government owes you, file protective orders on your behalf, and even litigate your claim in front of the Court of International Trade should the government become recalcitrant about processing your IEEPA refunds. We offer the forensic audit at NO CHARGE as well as a 100% FREE initial consultation phone-call, and we work efficiently and ensure all your valid entries are presented as a complete dossier to CBP and relevant authorities, leaving you to focus on more pressing business matters. Need assistance with IEEPA refund rejections or processing? Call us NOW at (314) 481-63338 to speak with an experienced attorney and tax experts at no cost to you.
A Forensic Analysis of Smoot-Hawley
Smoot-Hawley became law on June 17th, 1930, after a year of congressional discussions which led to the increase of duties for every import category you could think of. The purpose was to allegedly protect American manufacturers and farmers from foreign competition.
The effect was tragic:
- U.S. imports fell from 4.4 billion to 1.3 billion which was a 70 percent decline, wiping out thousands of businesses that depended on importation and hundreds of thousands more Americans lost their jobs in retail, logistics and distribution
- U.S. exports fell from 5.2 billion to 1.6 billon over the same period, which is a 60 percent drop as a result of the collapse of the foreign demand for agricultural and manufactured goods from America
- Over 1000 industrialists and bankers signed a letter asking President Hoover to veto the bill as they could see the incoming destruction of the American export markets as well as the torpedoing of the economy and employment prospects
Why IEEPA Tariffs are Different from Smoot-Hawley
The political fallout from Smoot-Hawley led to the destruction of U.S. trade relations for a generation, which then made it near impossible for the Roosevelt administration to enter into meaningful negotiations regarding tariff reductions with European countries up until World War 2.
That said, what makes the IEEPA situation different from Smoot-Hawley is that the government then kept the money. This time, you have the opportunity to receive refunds of duties you paid out as said duties were declared unlawful and unconstitutional. That said, it is too early to have a clear picture of the consequences of the IEEPA tariffs and the impact this administration has had on overall global trade relations.
Best IEEPA Tariff Refund Attorneys – Call Us NOW!
If you paid IEEPA tariffs as a corporation, you are entitled to refunds as long as you file in a timely manner, ensure that you are conversant with the codes and sections that are eligible for refunds, and file protests in a timely manner. The process can be time-consuming and complex, which is why we at McCready Law in conjunction with the tax experts over at Frost Law Arizona have joined hands to help all businesses looking to streamline and expedite their IEEPA tariff refunds. We carry out FREE forensic audits of all your entries in order to compile them into a coherent report for fast processing. Don’t go it alone, and don’t wait to get locked out by the 180-day window. Please call us NOW at (314) 481-63338 for your 100% FREE consultation into all things IEEPA tariffs. Thanks for choosing us, and we look forward to helping you.