Weather

86°F2:44 PM

Business

1 read

Local Importer Wins Supreme Court Case and Receives $110,000 Refund

KVIA•Thursday, May 14, 2026 at 12:11 AM•CNN Newsource

City skyline representing business and economy news

Want the full story?

Read the complete article at KVIA

AI Summary

Victor Schwartz, owner of VOS Selections, successfully won a landmark case against the tariffs imposed by former President Donald Trump, leading to a significant refund from the U.S. government. This week, Schwartz received a deposit of $110,000, representing about 95% of what he claims is owed to him. His case is part of a larger group of 330,000 businesses eligible for refunds totaling $168 billion after the Supreme Court ruled against the tariffs. The U.S. Customs and Border Protection (CBP) has begun processing these refunds through a new automated portal. While Schwartz is relieved to receive the funds, he is still uncertain if he will receive the interest owed on the amount. Other businesses, including Costco and Nike, are facing lawsuits from consumers seeking compensation for increased prices due to these tariffs.

Key Details: • Schwartz received $110,000, approximately 95% of his claim. • 330,000 businesses are eligible for refunds totaling $168 billion. • U.S. Customs and Border Protection has launched a new portal for refund processing. • The 10% tariff imposed by Trump is set to expire in July unless Congress intervenes.

business tariffs customs supreme-court refunds

People & Organizations

Donald TrumpU.S. Customs and Border ProtectionVictor SchwartzVOS Selections

Related Articles

KFC Updates Colonel Sanders Logo: What You Need to Know

KFC has made a notable adjustment to its iconic Colonel Sanders logo, which is expected to catch the attention of customers. The change is described as 'subtle,' yet it marks a significant shift in the brand's visual identity. This update is part of KFC's broader strategy to modernize its image while retaining the classic elements that fans love. The new logo will be rolled out across all marketing materials and restaurant signage, impacting how customers perceive the brand. This change is relevant for local KFC patrons who may notice the updated imagery in their favorite outlets.

Rising Costs of Essential Ingredients Likely to Impact El Paso Grocery Bills

El Paso residents are facing a significant increase in grocery prices due to a surge in the cost of a key agricultural commodity. This ingredient is vital for the production of nearly all food items, meaning consumers may soon see higher prices at checkout. The price hike is expected to affect local markets and could lead to a broader impact on food affordability in the region. Residents should prepare for potential changes in their grocery budgets as the cost of living continues to rise.

The Evolution of Prediction Markets: From Economics to Sports Betting

Prediction markets, initially envisioned by economists as tools for forecasting significant economic events, have shifted focus towards sports and entertainment betting. Despite their potential for accurately predicting outcomes like elections and economic indicators, the overwhelming majority of trading volume on platforms like Kalshi and Polymarket is now dominated by sports-related bets, comprising 84% and 99% of their total trading volume, respectively. This shift raises concerns among public health experts and the original proponents of these markets, who had hoped for a more structured approach with limits on wagers. As the landscape evolves, stakeholders are urged to reflect on the implications of this trend and consider the future direction of prediction markets.

Closure of Strait of Hormuz Affects Maritime Traffic Amid Ongoing Tensions

The Strait of Hormuz has been reported closed again by Iran, leading to a significant decrease in maritime traffic. On Thursday, only 25 vessels transited the crucial waterway, a stark contrast to the usual 100-120 tankers per day before recent conflicts. Experts predict that it may take months for maritime operations to normalize, as approximately 500 ships, including 220 tankers, remain stranded in the Persian Gulf. Concerns over safety and insurance coverage for potential war risks continue to hinder shipping operations. The situation leaves around 20,000 crew members trapped on vessels, with many eager to leave but wary of the risks involved.