Trump's 'Liberation Day' tariff refunds hit $100bn
Summary
The U.S. government has refunded $100 billion to businesses under tariff policies started by President Trump, covering about 60% of the tariffs collected. This follows a Supreme Court ruling that declared these broad import tariffs unlawful, leading to ongoing reviews and more refunds.Key Facts
- President Trump’s tariff refunds have reached $100 billion so far.
- This amount equals about 60% of all tariff money collected under the policy.
- Nearly $29 billion in refunds is still being reviewed by trade authorities.
- About $1.6 billion is waiting because importers have not provided their bank details.
- The Supreme Court ruled in February that the tariffs were unlawful under the 1977 International Emergency Economic Powers Act.
- Some large companies like Amazon have already received refunds, with Amazon getting around $600 million in the second quarter.
- Amazon plans to use some refund money to reduce prices for customers.
- More refunds are expected as claims continue to be reviewed and bank information is updated.
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