Companies can now apply for tariff refunds, but will shoppers actually see savings?
The Supreme Court ruled in February that the administration of President Donald Trump lacked authority under the 1977 International Emergency Economic Powers Act to impose sweeping global tariffs. The tariffs were projected to generate more than $2 trillion in revenue.
The Trump administration has begun processing billions of dollars in tariff refunds, which could total over $160 billion. Here's whether tariff refunds will impact your wallet.
Tariff refunds are payments that the federal government is returning to companies that paid certain Trump‑era import tariffs that the Supreme Court later ruled were illegal.
According to the BBC, the repayments could total more than $160 billion, making it one of the largest tariff refund efforts on record.
