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US Treasury Refunds Billions in Tariff Revenues Collected in May
(MENAFN) The US Treasury refunded almost $22 billion in tariff revenues to importers in May, effectively offsetting customs duties collected during the same period, according to a Treasury Department statement released Wednesday.
According to reports, the repayments represent the first large-scale round of refunds following a Supreme Court ruling that invalidated a key element of President Donald Trump’s tariff policy, determining that he lacked authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
The administration began issuing refunds in April after the court decision, though the final total remains uncertain as legal proceedings continue. Authorities are appealing a court order that would require refunds to all importers who paid tariffs under IEEPA-based measures.
The disputed tariff-related revenue amounts to roughly $166 billion, according to the statement.
Treasury Secretary Scott Bessent told lawmakers at a recent congressional hearing that the funds would ultimately be returned to companies that had paid the tariffs.
The development comes as the federal deficit narrowed to $1.25 trillion in the first eight months of the fiscal year, representing a 9% decline compared with the same period last year.
According to reports, the repayments represent the first large-scale round of refunds following a Supreme Court ruling that invalidated a key element of President Donald Trump’s tariff policy, determining that he lacked authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).
The administration began issuing refunds in April after the court decision, though the final total remains uncertain as legal proceedings continue. Authorities are appealing a court order that would require refunds to all importers who paid tariffs under IEEPA-based measures.
The disputed tariff-related revenue amounts to roughly $166 billion, according to the statement.
Treasury Secretary Scott Bessent told lawmakers at a recent congressional hearing that the funds would ultimately be returned to companies that had paid the tariffs.
The development comes as the federal deficit narrowed to $1.25 trillion in the first eight months of the fiscal year, representing a 9% decline compared with the same period last year.
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