CNBC’s Eamon Javers reports on Costco's lawsuit against the Trump administration's tariffs.

Costco has filed a 17-page lawsuit against U.S. Customs and Border Protection, arguing that tariffs imposed under the International Emergency Economic Powers Act by the Trump administration are illegal. The company is seeking a court declaration, an injunction to block further tariffs, and a full refund of tariffs paid this year, though it has not disclosed the total amount involved.

The lawsuit comes ahead of a December 15th deadline for finalizing tariff payments, with Costco acting to preserve its chance of recouping funds if the Supreme Court rules in its favor. The case is part of a broader legal challenge, as dozens of other companies have filed similar suits, and the Supreme Court has agreed to hear the matter, though a decision date is not yet set.

Costco sues Trump administration over tariffs, requests refund

Eamon Javers outside the White House with the story, Eamon, this one is very interesting to me. Yeah, that's right, Courtney. In the 17-page lawsuit that was actually filed Friday against U.S. Customs and Border Protection, Costco said it has to act now because it's facing this December 15th deadline for a final tally of its tariffs this year, and it says that Customs has already denied Costco's request for an extension given that the tariffs are being litigated in the Supreme Court. So the company says firms that paid tariffs under the law in question here are not necessarily going to be granted refunds unless they take independent action against the government, so that's why they have to file the suit. Costco is asking the U.S. Court of International Trade for a declaration that collecting tariffs under the International Emergency Economic Powers Act, as that Trump administration has done in many cases, is illegal, and the company wants an injunction blocking further duties, as well as a full refund of all the tariffs paid under this statute this year, although Costco does not reveal how much the tariffs have cost the company so far. A White House spokesman said yesterday the economic consequences of the failure to uphold President Trump's lawful tariffs are enormous, and this suit highlights that fact. The White House looks forward to the Supreme Court's speedy and proper resolution of this matter. Dozens of other companies have filed similar lawsuits, and remember, President Trump invoked this International Emergency Economic Powers Act to impose many of his tariffs this year, not all of them, but many of them, and in August the U.S. Court of Appeals for the Federal Circuit upheld a prior decision that found that President Trump did not have the power under the law to do that. Now, the Supreme Court has agreed to take up the case. It's not clear, though, when a decision might come down, guys. Can you explain, Eamon, again the timing of this? I know there's a December 15th timing. Can you just go through the details again about why Costco's filing this now when we are still waiting for this potential decision from the Supreme Court? Right. Well, there's a process in customs law where they have to what they call liquidate the entries. That means that all of the imports that have happened during the course of the year, there's a time frame for those to be tallied up. They pay an estimated tariff as it goes along, and then they have to liquidate that when the deadline hits. In this case, Costco is saying they face a major deadline on December 15th to liquidate entries from this year. And so they want to have this lawsuit on the record before then, so they have a chance of recouping some of these tariffs that they paid if the Supreme Court rules in their favor. Now, the White House seems to be just punting now to wait to see what the Supreme Court does. And you have seen President Trump on social media relentlessly and talking in public relentlessly about how important he sees this decision. And we just have no idea, Courtney, when this is going to come down. The Supreme Court could act at any time and either strike down all these tariffs or say, yep, in fact, we decided the president does have the legal authority to do that under this statute, which doesn't mention tariffs ever in the statute. But the Trump administration says it gives them the power to do what they've done. I've noticed, Damon, one reaction to the Costco news has been, well, what about consumers who pay these tariffs? Where's our refund? And I guess that would steer you back to a conversation about $2,000 checks, although we haven't heard much on that front lately. Yeah, I mean, the question is, how much did Costco raise prices to pay for these tariffs? And how much did consumers pay at Costco during the course of the year? And what would be Costco's plan to pay those people back? I mean, presumably you can't, right? If you bought 800 pieces of toilet paper during the year at Costco, they don't have a way of refunding you the money for whatever that cost to import from wherever they imported it from. So yeah, I think you could be looking at a situation where if the administration loses here at the Supreme Court and the companies win these back tariffs, the companies could be able to keep that gravy between the difference between whatever they paid in tariffs and whatever the prices were that they raised to pay for the tariffs. So it could be kind of bullish for a lot of these companies that pay tariffs under that situation. How much so is anybody's guess and probably varies a lot company by company, industry by industry. And that's the number I want to know so badly, Eamon. How much do these companies pay in tariffs? That's what we want to know. And it wasn't in those 17 pages. I mean, we know the totals, right? We know what the U.S. government has said it's taking in, but we don't know company by company. And Costco doesn't say it in this lawsuit. Fascinating stuff, Eamon. Thank you so much. I know you're going to keep us updated and come running to the camera if and when we get the decision from the Supreme Court. Thank you.

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