Trump Renews Attacks On Fed's Powell, Courts As Tariff Refund Scramble Reaches $166B — And Midterms Loom

Trump criticized the Fed’s Washington renovation as a “money pit” and accused judges of political bias.

• The president also blasted a Supreme Court ruling that struck down his global tariffs, saying the decision could give “trillions of dollars” to foreign competitors.
• The 6-3 ruling held that Trump exceeded his authority by invoking emergency powers under the IEEPA to impose tariffs ranging from 10% to 50% on imports.
• Companies are scrambling for tariff refunds, with about $166 billion in duties across 53 million import entries potentially affected.

U.S. President Donald Trump again targeted Fed Chair Jerome Powell and the courts, blasting a Supreme Court decision that had struck down his tariffs as Republicans head toward a crucial midterm battle.

Trump Calls Fed Project A ‘Money Pit’

Trump renewed his attack on Powell in a post on Truth Social, accusing the central bank chief of mismanaging a costly renovation project at the Federal Reserve’s Washington complex. “How is this absolutely terrible Federal Reserve Chairman, Jerome ‘Too Late’ Powell, not even allowed to be investigated for the horrible job he does?” Trump said.

Trump called the renovation “a money pit, and embarrassment to our Country for the whole World to see,” adding that it had become “THE HIGHEST PRICED BUILDING, PER SQUARE FOOT, OF ANY PROJECT EVER BUILT, with no end in sight, and may not even be open for many years to come.” He also argued that contractors involved should be subject to scrutiny. 

Trump also lashed out at the judiciary, accusing courts of political bias and of shielding officials from accountability. “The Courts treat Republicans, and me, so unfairly, always seeming to protect those who should not be protected. They are highly politicized. Cases don’t matter, the Judge does!”

He singled out U.S. District Judge James Boasberg, who on Friday quashed Justice Department subpoenas targeting Powell and stalled the investigation, accusing him of partisan bias and calling for disciplinary action. “What Boasberg has done on the ‘Too Late’ Powell case, and many others, has little to do with the Law, and everything to do with Politics,” Trump said.

Trump Attacks Supreme Court Again

Trump also renewed criticism of the U.S. Supreme Court’s February decision striking down his administration’s sweeping global tariffs, which had been imposed using emergency powers under the International Emergency Economic Powers Act (IEEPA).

In the 6-3 ruling last month, the court said the law does not authorize tariffs and that Trump exceeded his authority by using it to impose import duties of 10% to 50% on goods from most countries. The decision invalidated the administration’s “Liberation Day” tariffs and raised questions about whether importers could claim refunds on duties already paid.

“The decision that mattered most to me was tariffs,” Trump said on Truth Social, adding that the ruling could potentially “give away Trillions of Dollars to Countries and Companies who have been taking advantage of the United States for decades.” Trump said he plans to pursue alternative legal tools to reimpose tariffs.

Refund Fight Adds To Legal Fallout

The ruling has also triggered a scramble among companies seeking refunds for tariffs paid under the invalidated policy. According to U.S. Customs and Border Protection, importers paid about $166 billion in tariffs under the program, covering more than 53 million import entries from roughly 330,000 companies, Bloomberg reported.

The U.S. Court of International Trade recently directed the customs to begin processing refunds automatically for importers, though officials said handling the “unprecedented volume” could take time. Justice Brett Kavanaugh, who dissented in the Supreme Court ruling, warned during arguments that untangling the refund process could become a “mess.”

Trump himself has predicted years of litigation over the issue. “We’ll end up being in court for the next five years,” he said after the ruling.

Midterm Stakes Loom For Trump

Trump’s renewed attacks come as Republicans prepare for the November midterm elections, with control of Congress hanging in the balance. Trump-aligned super PAC MAGA has amassed more than $300 million, part of roughly $483 million held by Trump’s political committees and the Republican National Committee, giving the party a financial edge heading into the campaign.

The large cash reserve looms especially important as Republicans face political headwinds, including voter frustration over rising fuel prices tied to the Iran war and growing concerns about the cost of living.

Retail Traders On Sidelines Amid Trump Uncertainty

On Stocktwits, retail sentiment toward all three major U.S. ETFs has deteriorated since the start of the year amid a plunge in message activity. Sentiment on the SPDR S&P 500 ETF Trust (SPY) has shifted from ‘bearish’ to ‘extremely bearish’, while message volumes are down 62% over the past three months. 

Sentiment toward the Invesco QQQ Trust (QQQ) has also weakened, moving from ‘bearish’ to ‘extremely bearish’, with message volumes falling 72% over the same period. Meanwhile, sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) has softened from ‘bullish’ to ‘neutral’, alongside a 71% decline in message volumes since January.

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