Trump Administration Returns US$100 Billion from Tariff Levies

The Donald Trump administration has returned approximately US$100 billion from tariffs under the International Emergency Economic Powers Act (IEEPA) to US importers as of the end of July, according to a court document filed on Tuesday. Brandon Lord, an official from US Customs and Border Protection (CBP), stated that refunds of around US$100 billion, including duties and interest, had been completed by 31 July. He noted that approximately US$128.68 billion in potential and authorised refunds had been received for processing through the Consolidated Administration and Processing of Entries (CAPE) system. The Trump administration began issuing the first tariff refunds around 11 May after the US Supreme Court ruled on 20 February that the president’s IEEPA-based tariff policy was unconstitutional. Total IEEPA tariff refunds by CBP could reach an estimated US$175 billion, according to previous projections issued by the Penn Wharton Budget Model at the University of Pennsylvania.