US refunds $100B in struck-down tariffs

The Trump administration has refunded approximately $100 billion in tariffs that were struck down by the US Supreme Court in February 2026. The refunds, which include interest, were paid to importers who had paid duties imposed under the International Emergency Economic Powers Act (IEEPA). The Supreme Court ruled 6-3 that IEEPA did not authorize the president to impose tariffs, limiting executive power. The refunds represent about 60% of the $166 billion collected under the invalidated tariffs. The administration has since imposed new tariffs under different legal authorities, including temporary 10% global tariffs and Section 301 tariffs, sparking further legal challenges. A coalition of 25 states, including United States — New York, United States — California, United States — Arizona, and United States — Colorado, has filed a lawsuit against the new measures. The refunds have contributed to a $120 billion federal deficit in June 2026, and critics argue the money should go to consumers rather than corporations. The refunds have not fully undone the economic damage caused by the tariffs, as businesses faced financing costs, canceled orders, and uncertainty.