TRUMP ADMINISTRATION REFUNDS $100BN IN STRUCK-DOWN TARIFFS

The Trump administration has refunded approximately $100bn in tariff revenue collected under its "liberation day" duties, according to a filing submitted to the US Court of International Trade on Tuesday. The figure represents roughly 60% of the total tariff revenue collected under the policy, which officials report as either $165bn or $166bn depending on the source. The refunds follow a Supreme Court ruling in February that declared the tariffs, imposed under the International Emergency Economic Powers Act (IEEPA), unlawful. A federal judge subsequently ordered that money collected under the scheme be returned to importers.

Significant sums remain unresolved within the refund process. Nearly $29bn in potential refunds is undergoing review by trade authorities, whilst another $1.6bn remains outstanding because importers have not yet provided their banking details. Major corporations have already claimed substantial refunds; Amazon received approximately $600m during its second quarter, with the company's finance chief stating that some money would be passed back to customers where specific charges applied, and remaining funds used to support lower store prices. The overall payout is expected to increase as US Customs continues to review pending claims.

The Supreme Court's decision struck down tariffs that Trump had justified under a 1977 emergency powers law. Trump's administration has since introduced fresh tariffs under alternative legal authorities, including section 301 of the Trade Act of 1974, imposed on more than 80 countries last month. Those new levies are facing their own legal challenges; a coalition of 25 US states sued the administration this week, arguing they represent a pretext for replacing the struck-down tariffs and asked the court to declare them unlawful and order refunds.