Tariff refunds top $100 billion since Supreme Court struck down levies

The U.S. Treasury Department paid out $33.4 billion in tariff refunds in July, outpacing the $24.8 billion collected in tariff revenue that month, according to the department's monthly statement released Wednesday. It was the third straight month tariff revenue has been negative for the Trump administration, and total refunds have now topped $100 billion.

The refunds stem from the Supreme Court's Feb. 20 ruling that struck down the broad tariffs President Trump imposed under the 1977 International Emergency Economic Powers Act. A government-run refund portal opened in late April, and monthly payouts have stayed elevated since, following $49.1 billion in June and nearly $22 billion in May. A total of $166 billion in duties plus interest remains potentially eligible for refunds.

The Treasury statement also showed an overall federal deficit of just below $1.8 trillion for the first 10 months of the fiscal year. The Congressional Budget Office recently projected the full-year deficit will reach $2.1 trillion when the fiscal year ends Sept. 30, about $200 billion higher than its February estimate, citing smaller-than-expected tariff collections. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said in a statement that the country is 'about to hit the milestone of $40 trillion in gross national debt.'

Since Oct. 1, 2025, net tariff revenues have totaled about $154 billion, only a modest rise from $135.6 billion over the same period a year earlier. The administration has also cut into tariff revenue by granting new exemptions, including for Moroccan fertilizer and farm equipment, even as it announced a new phase of global tariffs of 10% to 12.5% on top trading partners and additional tariff plans targeting Canada and Brazil.

Read the full story at finance.yahoo.com.