Trump refunds $100bn in tariffs

The Trump administration has refunded about $100 billion in tariff payments collected under President Donald Trump’s 2025 “Liberation Day” duties after the Supreme Court struck down those levies in February, according to a court filing and multiple news reports. The filing in the U.S. Court of International Trade said the government had returned roughly 60% of the about $166 billion collected under tariffs imposed through the International Emergency Economic Powers Act, or IEEPA. The refunds resolve one part of the legal fallout from the court’s 6-3 ruling that IEEPA did not authorize the president to impose those tariffs. They do not end the broader tariff story, because a separate Section 301 framework took effect on July 24 and now covers imports from 60 countries at rates of 10% to 12.5%. ### Where did the $100 billion figure come from? A Tuesday filing in the U.S. Court of International Trade disclosed that U.S. Customs and Border Protection had already returned more than three-quarters of $128.68 billion classified as “potential and certified refunds,” according to reports citing the filing. CNBC and Reuters both reported that the refund total was about $100 billion through the end of July. ABC News reported that payments had reached company accounts, including at large importers and smaller businesses. (cnbc.com) The same filing indicated that the government had taken in roughly $166 billion before the Supreme Court decision invalidated a large share of the tariff program, Reuters and CNBC reported. That put the refunded amount at about 60% of the total collected under the struck-down duties. ### Which tariffs did the Supreme Court strike down? The Supreme Court ruled on February 20, 2026, that IEEPA did not give the president authority to impose tariffs, according to legal summaries from SCOTUSblog and law firms that tracked the case. (cnbc.com) The decision invalidated the “Reciprocal Tariffs” first imposed in April 2025 on “Liberation Day” and also struck down separate trafficking- and immigration-related tariffs tied to fentanyl, according to Ropes & Gray. The court did not settle the mechanics of refunds in that ruling, SCOTUSblog said, leaving the government and lower courts to work through how importers would be repaid. That is the process now reflected in the Court of International Trade filing. ### If those tariffs were struck down, why are new tariffs still in place? Yahoo Finance reported that Trump’s temporary 10% global tariff expired at 12:01 a.m. (ropesgray.com) ET on July 24 and was replaced by a Section 301 system covering 60 countries. Under that framework, rates fall into two bands — 10% and 12.5% — rather than the earlier across-the-board emergency tariff structure. EY said the new duties followed U.S. Trade Representative determinations announced in June and took effect as the Section 122 temporary tariffs expired. (scotusblog.com) Yahoo said the administration’s shift was designed to put tariffs on a legal footing that is harder to challenge than the emergency-powers regime. That means importers can receive refunds on the old duties while still facing new tariff costs on current shipments. ### Who gets the money back? U.S. importers paid the duties and are the parties receiving the refunds through customs channels, according to the court filing as described by Reuters, CNBC and ABC News. (finance.yahoo.com) Those importers range from large retailers to smaller businesses that brought goods into the country during the period when the IEEPA tariffs were in force. The refund process does not automatically answer whether consumers will see lower prices. Reports on the filing describe repayments to businesses that paid the duties at the border, not direct payments to households. ### What does this mean for companies that make or sell physical goods? Since July 24, the replacement Section 301 regime has kept tariffs in place on a wide set of imports, which means companies that rely on overseas inputs still face added costs on goods, packaging and components. (cnbc.com) For music-related businesses, that includes exposure on vinyl inputs, packaging materials, electronics and merchandise supply chains, based on the categories described in reporting about the tariff change. The next concrete marker is further litigation and administration guidance around the new Section 301 duties. Yahoo Finance said the replacement framework now governs imports from 60 countries, and the Court of International Trade filing shows refund processing on the old IEEPA tariffs is still continuing. (finance.yahoo.com)