US refunds $100bn in tariffs

The Trump administration said on August 5 that it had refunded about $100 billion of tariff revenue collected under President Donald Trump’s 2025 “liberation day” duties, according to a filing in the U.S. Court of International Trade. The figure covers refunds of duties plus interest that had been processed and sent to the Treasury for payment as of the end of July. The refunds follow the Supreme Court’s February ruling that the administration had acted unlawfully in using the International Emergency Economic Powers Act, or IEEPA, to impose sweeping tariffs. ### Where did the $100 billion figure come from? A court filing cited by CNBC and U.S. News said “refunds (duties plus interest) of approximately $100 billion” had been completed through the government’s refund system and sent to the Treasury for disbursement. That amount represented more than half of the roughly $166 billion the government said it had collected under the tariffs before the Supreme Court struck them down. (cnbc.com) February 20, 2026, is the key legal date. The Supreme Court held 6-3 that IEEPA did not give the president authority to impose tariffs of indefinite scope, according to analyses from the Penn Wharton Budget Model and Holland & Knight. The ruling did not by itself send checks to companies, but it opened the way for refund claims and later court orders requiring the government to build a repayment process. (cnbc.com) ### Who actually got the money back? Importers of record — not retail shoppers — are the parties eligible to claim tariff refunds. Yahoo Finance reported that only the companies or customs brokers that directly paid the tariffs can file for repayment, which is why consumers who paid higher prices at stores are not automatically entitled to any refund. Apple, Amazon and Nike were among the large companies identified in recent coverage as beneficiaries or likely beneficiaries of the repayments. (hklaw.com) Yahoo Finance, citing reporting on corporate filings and refund claims, said big importers stood to receive billions while most consumers would see no direct cut in prices or rebate checks. ### Why didn’t shoppers get a check? (finance.yahoo.com) The refund system is tied to customs law, not to retail pricing. Yahoo Finance said the legal right to repayment belongs to the party that remitted the tariff at the border, which means downstream buyers who absorbed some of the higher cost through prices have no direct claim against the government. Earlier reporting also said interest costs were building while the government worked through the backlog. (finance.yahoo.com) Yahoo Finance reported in May that statutory interest on unpaid refunds was running at roughly $650 million a month, adding pressure on the government to process claims quickly. ### Did all Trump tariffs disappear? The Supreme Court ruling covered the tariffs imposed under IEEPA, not every tariff still in force. (finance.yahoo.com) Holland & Knight said recent Court of International Trade rulings and Customs implementation steps continue to shape which importers get paid and when, including disputes over entries that may fall outside the first phase of the refund system. (finance.yahoo.com) August 2026 litigation is still moving on a separate track over newer tariffs. Newsweek reported that Democratic-led states have sued over the administration’s latest duties, arguing they are an unlawful attempt to work around the Supreme Court’s decision. ### What happens next? The Court of International Trade remains the main venue for the next stage. Importers are still pursuing remaining claims on the unpaid share of the roughly $166 billion, while lawyers have warned that some companies may need to keep litigating to recover all eligible refunds. (hklaw.com) Treasury disbursements and court filings will show the next milestones. (newsweek.com) As of the end of July, about $100 billion had been processed; the remaining balance, plus any additional interest, will depend on how quickly Customs, Treasury and the trade court resolve the rest of the claims. (cnbc.com) (usnews.com)