FedEx, the American shipping giant, has initiated a lawsuit against the U.S. Customs and Border Protection (CBP) in light of recent Supreme Court decisions that invalidated tariffs imposed by former President Donald Trump. This lawsuit marks a significant effort by FedEx to seek compensation for the tariffs which the court ruled were illegally imposed under the International Emergency Economic Powers Act (IEEPA) of 1977. While the lawsuit does not specify a particular amount being sought, it is seen as a potential precursor to a wave of additional lawsuits by other businesses affected by the overseas trade regulations.

The Supreme Court's ruling last week found the blanket tariffs imposed by Trump to be unconstitutional, which has sent shockwaves through the business community, especially companies like FedEx that rely heavily on global trade. In response to this ruling, Trump announced the implementation of a new tariff at a rate of 10% that is believed to be compliant with an alternative legal framework. This move has raised concerns among industries reliant on seamless international shipping, as Trump hinted that the tariff might be increased to 15%, further complicating the trade landscape.

Additionally, the implications of this lawsuit extend beyond FedEx, potentially inviting a series of legal actions from various organizations affected by similar fiscal measures. An independent research initiative, the Penn-Wharton Budget Model, suggests that this could lead to significant fiscal changes on both the government and corporate sides, indicating that the ramifications of the Supreme Court’s ruling and subsequent lawsuits may resonate throughout the economy for years to come.