Trump’s ‘Liberation Day’ tariff refunds hit $100bn
Donald Trump’s administration has paid back $100bn (£78bn) in “Liberation Day” tariff refunds to businesses through US customs officials. This represents roughly 60% of all tariff revenue collected by the government under the policy, according to a recent court filing from US Customs and Border Protection. However, a significant chunk of money remains unpaid. Nearly […]
The administration of former US President Donald Trump has disbursed a total of $100 billion in "Liberation Day" tariff refunds to businesses, according to court documents from U.S. Customs and Border Protection. This figure accounts for approximately 60% of all tariff revenue generated under the policy. However, not all funds have been returned - a substantial portion, nearly $29 billion, is still under review by trade authorities, while an additional $1.6 billion remains unpaid due to missing banking information from importers.
These repayments came after a significant Supreme Court ruling in February, where justices determined that the broad import tariffs introduced under economic powers were unlawful. The Trump administration had relied on the International Emergency Economic Powers Act (IEEPA), a 1977 law that grants the president the authority to "regulate" trade during emergencies.
The tariffs, essentially taxes on foreign goods entering the U.S., sparked widespread criticism from domestic and international businesses due to the abrupt increase in taxes on shipments, as well as concerns that the levies would result in higher consumer prices.
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