US Supreme Court ruling forces Trump to refund $231b in illegal tariffs

✓ Verified by 2+ sources

Key details reported by multiple sources:

• Refund cheques for Trump’s $US166 billion ($231 billion) ‘reciprocal’ tariffs will start flowing next week, with total refunds potentially topping $US174 billion due to accrued interest (4.5% or 6% depending on shipment size).
• The tariffs were imposed on April 2, 2025, and were dubbed ‘Liberation Day’ by Trump.
• Nearly 90% of the tariffs’ cost was borne by US companies and consumers, not foreign exporters, according to a study.
• Companies like Walmart ($US10 billion), Target ($US2 billion), Nike ($US1 billion), Home Depot ($US500 million), Ford ($US1.3 billion), and General Motors ($US500 million) are among the largest beneficiaries of the refunds.
• Apple is owed between $US2.5 billion and $US3.3 billion in refunds.
• Trump claimed it would be ‘brilliant’ if companies don’t claim their refunds, saying, ‘If they don’t do that, I’ll remember them.’
• Trump falsely claimed that foreign companies would be the primary recipients of the refunds, saying, ‘The people that have hated the United States, we’re giving them cheques for billions of dollars.’
• The refunds will go to importers of record (companies that paid the duties), not end-consumers, despite class actions targeting companies like Costco, FedEx, UPS, and DHL.
• The Supreme Court ruled the tariffs illegal under the Trade Practices Act, and the administration is replacing them with Section 122 tariffs (up to 15% for 150 days) scheduled to expire on July 24, 2026, unless Congress extends them.
• The Section 122 tariffs have already been challenged by 24 US states and multiple companies, with another $US35 billion at risk if ruled illegal.
• The administration is rushing to impose new tariffs under Section 301 of the Trade Act, which requires investigations of unfair trade practices, to replace the reciprocal tariffs.
• A market for refund claims emerged before the Supreme Court ruling, with bids ranging from $US10¢ to $US20¢ per dollar initially, rising to $US90¢ per dollar as the court’s skepticism became apparent.
• Oaktree Capital claims it acquired the right to $US29 million of refunds for $US20 million (70¢ per dollar), but the deal is now in litigation.