Trump administration has paid back 60% of $165bn in tariff refunds
Summary
The Trump administration has returned about $100 billion, or 60% of $165 billion, collected from tariffs ruled illegal by the US Supreme Court. In response, Trump introduced new tariffs on many countries under a law targeting forced labor, but a group of 25 US states has filed a lawsuit to stop these tariffs and demand refunds.Key Facts
- The Trump administration collected $165 billion from tariffs before the Supreme Court ruled them illegal.
- About $100 billion, or 60%, of these tariffs have been refunded to companies.
- Tariffs are taxes on imported goods and were a major part of President Trump's economic policy.
- In February, the Supreme Court struck down some of these extra tariffs, requiring refunds.
- President Trump introduced new tariffs on more than 80 countries last month under a law aimed at fighting forced labor.
- These new tariffs range from 10% to 12.5% on imports from countries like the UK, Mexico, China, and the EU.
- A coalition of 25 US states sued the Trump administration, asking a court to stop the new tariffs and require refunds.
- The states claim the new tariffs cover nearly all US imports and accuse the administration of illegally raising taxes.
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