Trump administration refunds $100 billion in tariffs
The administration of U.S. President Donald Trump has refunded businesses $100 billion (£78 billion) in tariffs imposed under the “Liberation Day” trade policy through U.S. Customs officials.
According to a recent court filing by U.S. Customs and Border Protection (CBP), the refunds represent approximately 60% of all tariff revenue collected under the policy, CE Report quotes Kosova Press.
However, a significant amount remains unpaid. Around $29 billion in potential refunds is still under review by trade authorities, while another $1.6 billion remains on hold because importers have not yet provided their banking information.
The payments follow a landmark U.S. Supreme Court ruling in February, in which the justices found that the broad import tariffs imposed under emergency economic powers were unlawful.
The White House had relied on the International Emergency Economic Powers Act (IEEPA) of 1977, which grants the president authority to regulate trade in response to a national emergency.
The tariffs sparked protests both in the United States and abroad from businesses facing sharp increases in import taxes and fueled concerns that the duties would drive up consumer prices.
Since the Supreme Court’s decision, several major U.S. corporations have already sought substantial refunds.
Amazon received approximately $600 million in tariff refunds during the second quarter, according to Chief Financial Officer Brian Olsavsky.
Speaking during the company’s second-quarter earnings call, Olsavsky said Amazon would return part of the refunded money to customers where specific tariffs had applied, while the remaining funds would be used to support lower prices across its stores.
Total tariff refunds are expected to increase further as U.S. Customs continues reviewing pending claims and importers update their banking details.
Photo: White House
