cnbc_topnews

Trump admin refunds $100 billion in 'liberation day' tariffs

📰 source: cnbc_topnews · 💼 business

the trump administration has refunded about $100 billion of tariff revenue collected under the now-dead 'liberation day' tariffs. that's roughly 60% of the ~$166 billion the government took in via ieepa, which the supreme court struck down in late february. judge richard eaton later ordered the money returned to importers.

the refunds are running through a customs and border protection system called cape. as of july 31, cape had received 252,496 refund declarations covering more than 25 million import entries, according to a court filing. nearly $129 billion in potential and certified refunds have been accepted for processing, with about $100 billion completed and sent to the treasury for disbursement.

meanwhile, the administration is trying to rebuild the tariff regime using other legal authorities, and trump boasted in a fox news interview that tariffs have been incredible. but more than 330,000 importers paid ieepa tariffs on over 53 million entries, so the refund operation still has a long way to go. a class action from importer freestyle world is also pending.

why it matters: refunds of $100b in struck-down tariffs signal legal limits on presidential trade power, with potential cash flow relief for importers.

source: cnbc_topnews
sentiment: -0.20 · impact: 0.90

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects