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Trump administration refunds $100bn in tariff overpayments to businesses
The repayment covered about 60% of tariff revenue under the policy, while nearly $29bn in refund claims and $1.6bn tied to missing banking details remain under review.
The Trump administration has repaid $100bn in so-called Liberation Day tariff refunds to businesses through US customs officials, according to a recent court filing cited by BBC Business.
The filing indicates the refunds represent roughly 60% of all tariff revenue collected under the policy, with additional funds still unpaid. Nearly $29bn in potential refunds is being reviewed by trade authorities, and another $1.6bn is pending because importers have not yet provided their banking details.
The repayments come after a Supreme Court decision in February that ruled broad import tariffs introduced under emergency economic powers were unlawful. BBC Business reports that the White House had relied on the 1977 International Emergency Economic Powers Act.
After the ruling, companies have begun claiming refunds, with Amazon receiving about $600m during the second quarter, its finance chief said. BBC Business also notes that the final overall payout is expected to increase as US Customs continues reviewing claims and importers update payment information.