Through US customs officers, the Trump administration has reimbursed businesses $100 billion (£78 billion) in “Liberation Day” tariff refunds. According to a recent court filing by US Customs and Border Protection, this amounts to around 60% of all tariff income collected by the government under the scheme.
But a sizable portion of the money is still outstanding. Trade authorities are reviewing over $29 billion in potential refunds, and another $1.6 billion is still pending since importers have not yet provided their banking information.
The repayments come after a significant ruling by the Supreme Court in February, where judges declared that broad import tariffs imposed under economic powers were illegal. The White House cited the International Emergency Economic Powers Act (IEEPA), a 1977 statute that grants the president the authority to “regulate” trade in an emergency.
However, the actions fueled concerns that the levies would result in higher costs and caused criticism both domestically and internationally from businesses facing an unexpected increase in taxes on exports entering the US.
Numerous significant American corporations have already made significant reimbursement claims since the Supreme Court’s ruling. According to finance head Brian Olsavsky, Amazon got refunds totaling over $600 million during the second quarter.
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