US has refunded about US$100bil in Trump tariffs

The recent Supreme Court ruling has led the US administration to refund approximately US$100 billion in tariffs that were imposed by former President Donald Trump. According to court filings, this sum represents around 60% of the US$166 billion collected following the use of the International Emergency Economic Powers Act. The refunds were given to importers who had previously paid the duties.

Trump had utilized the act to impose tariffs on trading partners, but the high court determined that Trump had overstepped his authority in this regard. The decision dealt a significant setback to the president's efforts to leverage tariffs as a tool against allies and competitors. Despite this setback, some sector-specific tariffs, which have a different justification, continue to be in effect.

As of July 31, the US Customs and Border Protection reported that around US$128.68 billion in potential and certified refunds had been accepted for processing, with around US$100 billion successfully completed and sent to the treasury department. Since the February Supreme Court ruling, Trump has resorted to new methods to reimpose tariffs on multiple trading partners, which has only resulted in additional legal challenges.