Trump's 'Liberation Day' tariff refunds hit $100bn
The repayments represent roughly 60% of all tariff revenue collected by the US government under the policy,
The administration of Donald Trump has disbursed $100 billion (equivalent to £78 billion) in "Liberation Day" tariff reimbursements to businesses, facilitated by US customs officials.
This sum accounts for approximately 60% of the total tariff revenue the government collected under the policy, as detailed in a recent court document filed by US Customs and Border Protection.
Nevertheless, a substantial amount of money is still outstanding. Trade authorities are currently reviewing nearly $29 billion in potential refunds, and an additional $1.6 billion is on hold because importers have not yet provided their banking information.
These repayments stem from a significant Supreme Court ruling in February, where judges determined that the extensive import tariffs implemented under economic powers were illegal.
The White House had invoked the International Emergency Economic Powers Act (IEEPA) of 1977, a law that grants the president authority to "regulate" trade during an emergency.
However, these measures provoked widespread condemnation both domestically and internationally from companies facing a sudden increase in taxes on goods entering the US, and raised concerns that the levies would result in higher prices.
Following the Supreme Court's decision, several prominent American corporations have already recovered substantial amounts.
Amazon, for instance, received roughly $600 million in refunds during the second quarter, according to its finance chief, Brian Olsavsky.
During the company's second-quarter earnings call, Olsavsky stated that Amazon would return some of these funds to customers where specific charges were applied, and the remaining money would be utilized to support reduced store prices.
The total tariff payout is anticipated to increase further as US Customs proceeds with reviewing outstanding claims and as importers update their banking details.