US Customs and Border Protection has refunded $100bn in "Liberation Day" tariff payments to businesses, about 60% of all tariff revenue collected under the policy, following a Supreme Court ruling that found the tariffs unlawful. Nearly $29bn in further refunds remains under review, and Amazon says it recovered approximately $600m of that money in the second quarter.
US Customs and Border Protection has refunded $100bn (£78bn) in "Liberation Day" tariff payments to businesses. That represents about 60% of all tariff revenue collected under the policy, according to a recent court filing from the agency.
A significant chunk of money remains unpaid, however. Nearly $29bn in potential refunds is still under review by trade authorities. Another $1.6bn stays stuck because importers have not yet supplied their banking details.
The repayments follow a February Supreme Court ruling that broad import tariffs introduced under emergency economic powers were unlawful. The White House had cited the International Emergency Economic Powers Act, a 1977 law that gives the president power to "regulate" trade in response to an emergency. But the measures sparked outcry from firms facing a sudden rise in taxes on shipments entering the US, and fuelled worries that the levies would push prices higher.
Amazon is among the companies that have already clawed money back. Chief financial officer Brian Olsavsky said on the company's second-quarter earnings call that Amazon received approximately $600m in refunds during the period. He added that Amazon would pass some of that money back to customers where specific charges had applied, while using the rest to support lower store prices.
The overall payout is expected to rise further as customs officials keep working through pending claims and importers finish supplying their banking details.
Source: BBC News
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