US cumulative tariff refunds top 100 billion dollars after Supreme Court strikes down Trump measure
RegulationMacro Impact 4
The US government refunded another 33.4 billion dollars in tariffs to businesses in July, pushing cumulative refunds past 100 billion dollars after the Supreme Court struck down President Donald Trump's sweeping import tax measure. Treasury Department data show July refunds exceeded tariff revenue collected by 24.8 billion dollars, leaving net tariff revenue negative for a third straight month. May refunds were nearly 22 billion dollars, June refunds were 49.1 billion dollars, and July refunds were 33.4 billion dollars. Total tariffs and interest that businesses may be entitled to recover stand at about 166 billion dollars, keeping pressure on government tariff revenue. The Congressional Budget Office expects the current fiscal year budget deficit to widen to 2.1 trillion dollars, about 200 billion dollars higher than its early February estimate, mainly because tariff revenue has come in below expectations. The Trump administration is still pursuing a new round of trade policy with import duties of 10 to 12.5 percent on major trading partners and is preparing additional tariff measures against Canada and Brazil.
