The Trump administration has refunded about $100bn from the tariffs it collected before the US supreme court ruled them illegal, according to reports.
The $100bn (£74bn) figure, which represents 60% of the total $165bn collected from Donald Trump’s “liberation day” tariffs, was reported by customs officials to the US court of international trade (CIT) on Tuesday, according to the Financial Times.
Tariffs, which are taxes on imported goods, have been a key part of Trump’s economic plan since he took office again last year.
In February, the supreme court struck down a chunk of the extra tariffs Trump had imposed, forcing the government to return money to the companies that had paid them.
Companies: “Thanks!”
Keep prices where they raised them. Refund money. Gone, no trace. Nah, actually it would be used in areas to reduce tax burden even more.
So glad we could help all these companies who used consumer money to pay the tariffs.
Oh, wait. Is this refund coming via tax dollars? That would be something else.