Key facts
- The Trump administration has refunded approximately $100 billion of collected tariffs.
- This refund amount constitutes 60% of the total $165 billion collected.
- The Supreme Court ruled against a portion of these tariffs in February, necessitating refunds.
- A new set of tariffs, ranging from 10% to 12.5%, was imposed last month on over 80 countries.
- Twenty-five US states have filed a lawsuit challenging the legality of the new tariffs.
The Trump administration has reportedly refunded approximately $100 billion of tariffs collected before a Supreme Court ruling invalidated a portion of them. This figure represents 60% of the total $165 billion gathered from these tariffs. The administration has since introduced a new round of tariffs, ranging from 10% to 12.5%, on over 80 countries, including major economies like China, the UK, Mexico, Canada, Australia, India, and EU member states. These new levies are being implemented under Section 301 of the Trade Act of 1974, ostensibly targeting countries involved in forced labor. However, a coalition of 25 US states has filed a lawsuit against the administration, seeking to halt the tariffs and declare them unlawful, arguing they are a pretext to replace the previously invalidated import taxes. New York Attorney General Letitia James has also criticized the move, stating the administration is attempting to illegally raise taxes on families and businesses. Despite claims of bringing back domestic production and closing the federal deficit, the deficit has grown to $1.37 trillion in the first nine months of the fiscal year.