All posts tagged: Target Corp

Congress, retailers want to rebuild national parks. Road tolls might pay

Congress, retailers want to rebuild national parks. Road tolls might pay

Published by Sam Flores

American Bison graze at the Grand Teton National Park. Danny Lehman | The Image Bank | Getty Images Congress is trying to come up with more money to give the aging national parks a facelift in honor of the country’s 250th birthday this year. President Donald Trump talks about the importance of federal facilities looking good, while his budget proposal slashed funding for the National Park Service. Republican lawmakers are searching for revenue sources including establishing tolls on federally operated roads in the Washington area used daily by tens of thousands of commuters and by hiking fees to visit national parks for visitors from outside the U.S. Democrats say putting tolls on roads that intersect with the Capital Beltway is an untenable solution and that finding new money to fund park overhauls is not necessary since it’s already the government’s responsibility to maintain the parks. Lawmakers are racing to pass the successor to the Great American Outdoors Act, or GAOA, a law Trump signed during his first term to clear the National Park Service‘s backlog …

Give refunds to U.S. workers Greer says

Give refunds to U.S. workers Greer says

Published by Sam Flores

Jamieson Greer, US trade representative, during a Bloomberg Television interview outside the White House in Washington, DC, US, on Friday, Dec. 19, 2025. Stefani Reynolds | Bloomberg | Getty Images “The whole reason the president imposed these tariffs was to try to reshore, affect our massive imbalance in trade that we’ve experienced over many years because of China, Vietnam, the EU and others,” Greer said. “If the companies are going to get this windfall, they should pass it along to their workers as a bonus or a raise, because that’s the purpose of the program. It’s always been the purpose of the program. And the American people should get it, and the company should give it to their workers.” Read more CNBC politics coverage The Supreme Court, in its ruling last month, said Trump did not have the authority he invoked under the International Emergency Economic Powers Act, or IEEPA, to impose tariffs on imports from most countries in the world. Treasury Secretary Scott Bessent has said he expected tariffs to return by August to …

Martin Heinrich bill would give tax rebate for tariffs

Martin Heinrich bill would give tax rebate for tariffs

Published by Sam Flores

Sen. Martin Heinrich (D-NM), ranking member of the Senate Appropriations Committee’s Legislative Branch subcommittee, delivers opening remarks during a hearing in the Dirksen Senate Office Building on Capitol Hill on April 29, 2025 in Washington, DC. Chip Somodevilla | Getty Images Sen. Martin Heinrich, D-N.M., introduced a bill Thursday to create a new tax rebate for individuals and families hit by the cost of President Donald Trump’s now-defunct “reciprocal tariffs.” The bill, dubbed the “Tariff Refunds for Working Families Act” and shared exclusively with CNBC, is part of the escalating effort by Democrats to capitalize on Trump’s tariff agenda ahead of the 2026 midterm elections. Polls indicate the levies have become increasingly unpopular, with economically anxious voters expressing concern about affordability as Democrats vie to rip control of Congress away from Republicans. “The President may call the affordability crisis a ‘hoax,’ but working people feel it every time they pay for groceries or everyday essentials,” Heinrich said in a statement. “This bill will return the money lost to Trump’s tariffs back to the people who …

Customs and Border Protection can’t comply with order

Customs and Border Protection can’t comply with order

Published by Sam Flores

U.S. Customs and Border Protection headquarters in Washington, May 10, 2023. Bloomberg | Bloomberg | Getty Images U.S. Customs and Border Protection told a U.S. Court of International Trade judge on Friday that it is not currently able to comply with his order to begin refunding about $166 billion collected in reciprocal tariffs imposed last year by President Donald Trump. CBP, in a court filing, cited its existing technology, processes and manpower requirements as the reasons it could not immediately comply with the conditions of Judge Richard Eaton’s order on the so-called IEEPA tariffs. The Supreme Court recently ruled those duties are illegal. But CBP also suggested in the new filing that it could begin issuing refunds by late April after revamping its technology. Brandon Lord, executive director of the trade programs directorate at CBP’s Office of Trade, in the filing said that as of Wednesday, more than 330,000 importers have made a total of over 53 millionentries “in which they have deposited or paid duties imposed pursuant to the International Emergency Economic Powers Act.” …

Bessent says 15% this week, IEEPA levels later

Bessent says 15% this week, IEEPA levels later

Published by Sam Flores

President Donald Trump’s recently announced 15% global tariff will likely be implemented sometime this week, rising from its current rate of 10%, Treasury Secretary Scott Bessent said Wednesday. Bessent also predicted that U.S. tariff rates would, by August, effectively return to where they stood before the Supreme Court recently struck down the often-steeper duties that Trump unilaterally imposed on most of the world’s countries last year. “It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said in an interview on CNBC’s “Squawk Box.” Trump last year, without authorization from Congress, implemented a broad array of tariffs on imports from most other countries by invoking the International Emergency Economic Powers Act. The Supreme Court, in a 6-3 ruling on Feb. 20, said Trump did not have the legal authority to circumvent Congress by using IEEPA to impose those duties. Hours after that ruling, Trump said he had signed an executive order to impose a global 10% tariff under a different law. A day later, Trump said …

Trump DOJ faces first big tariff refund court deadline on Friday

Trump DOJ faces first big tariff refund court deadline on Friday

Published by Sam Flores

The US Court of International Trade in New York, US, on Thursday, April 24, 2025. Bloomberg | Bloomberg | Getty Images The Trump administration’s Department of Justice is nearing its first big legal deadline in the wake of the U.S. Supreme Court ruling that President Donald Trump’s tariffs issued under the International Emergency Economic Powers Act are illegal. The DOJ needs to weigh in by Friday on one of the first legal fights over refunds in which plaintiffs are asking for expedited payment of tariff refunds through the Court of International Trade (CIT), which has typically handled tariff cases. Trade attorneys have told CNBC there are upwards of 2,000 cases that have been filed by companies suing for tariff refunds at the CIT. Back in December, the CIT put a stay on the cases until after the Supreme Court announced its decision. After the Supreme Court ruling, one of the plaintiffs, V.O.S., filed a motion for its case, which was in federal appeals court pending the Supreme Court decision, to be moved as soon as …

Warren calls Trump’s bluff on affordability after State of the Union

Warren calls Trump’s bluff on affordability after State of the Union

Published by Sam Flores

Ranking member Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Scott Bessent during the Senate Banking, Housing and Urban Affairs Committee hearing titled “The Financial Stability Oversight Council’s Annual Report to Congress,” in Dirksen building on Thursday, Feb. 5, 2026. Tom Williams | CQ-Roll Call, Inc. | Getty Images Democratic Sen. Elizabeth Warren is calling President Donald Trump’s bluff after he claimed to be “ending” the affordability crisis during his State of the Union address, opening a new front in the battle that could determine November’s midterm elections. “Your claims are directly at odds with the day-to-day experiences of American households, who are struggling with rising costs of essentials, including food, housing, health care, child care, and electricity,” Warren, D-Mass., wrote in a letter to Trump, which was shared exclusively with CNBC after being sent late Wednesday.  “Despite your claims, you have not ‘solved’ affordability or ‘defeated’ inflation. Instead, over the past year, prices have skyrocketed for American households,” Warren, the top Democrat on the Senate Banking Committee, wrote. Warren’s letter is the launching point for …

FedEx sues for refund of Trump tariffs after Supreme Court ruling

FedEx sues for refund of Trump tariffs after Supreme Court ruling

Published by Sam Flores

A worker unloads packages from a FedEx truck on Cyber Monday in New York, US, on Monday, Dec. 1, 2025. Bess Adler | Bloomberg | Getty Images Federal Express on Monday sued the U.S. government, seeking a “full refund” of the money the shipping giant paid for tariffs unilaterally imposed last year by President Donald Trump, which the Supreme Court ruled last week were illegal. FedEx’s suit appears to be the first filed by a major American company seeking a refund for tariffs after Friday’s Supreme Court decision. Other companies filed lawsuits staking claims to their refunds before the high court ruled that the tariffs Trump imposed under the International Emergency Economic Powers Act are illegal. Those suits, whose plaintiffs include retail warehouse club giant Costco, remain pending at the U.S. Court of International Trade in New York, the same court where FedEx filed its lawsuit. Read more CNBC politics coverage The Supreme Court, in its ruling on Friday, said the Court of International Trade has “exclusive jurisdiction” over the IEEPA tariffs. “Plaintiffs seek for …

Minnesota CEOs call for deescalation

Minnesota CEOs call for deescalation

Published by Sam Flores

An undated handout image of Alex Pretti, who was fatally shot by U.S. immigration agents as they tried to detain him in Minneapolis, Minnesota, obtained by Reuters on Jan. 25, 2026. U.S. Department Of Veterans Affairs | Via Reuters Major Minnesota business leaders on Sunday called for an “immediate deescalation of tensions” after federal immigration agents fatally shot U.S. citizen Alex Pretti in Minneapolis. More than 60 CEOs of Minnesota-based companies signed a letter urging “state, local and federal officials to work together to find real solutions.” The companies said that the recent tumult in Minnesota has caused “widespread disruption and tragic loss of life.” Among the signatories to the letter released by the Minnesota Chamber of Commerce are incoming Target CEO Michael Fiddelke; William Brown, the chairman and CEO of 3M; Brian Sikes, the chair and CEO of food giant Cargill; and Stephen Hemsley, the CEO of UnitedHealth. “In this difficult moment for our community, we call for peace and focused cooperation among local, state and federal leaders to achieve a swift and durable solution that …

Trump tariffs led businesses to take high interest rate loans

Trump tariffs led businesses to take high interest rate loans

Published by Sam Flores

A protester with the Main Street Alliance holds a sign outside the U.S. Supreme Court, as its justices are set to hear oral arguments on President Donald Trump’s bid to preserve sweeping tariffs after lower courts ruled that Trump overstepped his authority, in Washington, Nov. 5, 2025. Nathan Howard | Reuters Some small businesses that have to pay the bill for President Trump’s new tariffs are taking on high-interest rate merchant cash loans and other forms of debt to cover that added cost. And several business owners who have taken on that costly debt told CNBC they fear financial disaster because of it. Companies that spoke with CNBC reported being offered predatory lending interest rates north of 30% to cover their tariff-related costs. Those people say that their companies could be left in a deep financial hole even if the Supreme Court upholds lower federal court rulings that the new tariffs are illegal and orders the federal government to refund companies the duties they have already paid. U.S. Customs and Border Protection earlier this week …