None
ID
Trump’s ‘Liberation Day’ tariff refunds hit $100bn
['Oki Bin Oki']
Kahawatungu
Donald Trump’s administration has paid back $100bn (£78bn) in “Liberation Day” tariff refunds to businesses through US customs officials.
Nearly $29bn in potential refunds is undergoing review by trade authorities, while another $1.6bn remains stuck because importers have not yet supplied their banking details.
The repayments follow a major Supreme Court decision in February, in which judges ruled that broad import tariffs introduced under economic powers were unlawful.
Since the Supreme Court decision, several major American corporations have already claimed large sums back.
Amazon received approximately $600m in refunds during the second quarter, according to finance chief Brian Olsavsky.