Trump's 'Liberation Day' tariff refunds hit $100bn

President Donald Trump's administration has refunded $100 billion to businesses following the cancellation of "Liberation Day" tariffs on imports, according to a recent court filing. This amount equates to roughly 60% of all tariff revenue collected by the government under this policy, with nearly $29 billion still unpaid. Despite this significant return of funds, the refunds are not distributed uniformly, as nearly $1.6 billion remains stalled due to a lack of banking details provided by importers.

The refunds follow a February Supreme Court ruling that deemed the broad import tariffs introduced under the International Emergency Economic Powers Act (IEEPA) as unlawful. The IEEPA allows the president to regulate trade during emergencies, but the tariffs caused widespread controversy, with firms facing abrupt tax hikes on shipments entering the US and concerns over potential price increases.

Major American corporations, such as Amazon, have already claimed substantial refunds, with the e-commerce giant receiving about $600 million in the second quarter. The refunds are only available to importers who directly paid the tariffs, leaving consumer relief in the hands of individual businesses. As US Customs continues to review pending claims and importers update their banking details, the total payouts are expected to increase further.