The Trump administration has refunded more than $20 billion in tariffs to importers and shippers following a Supreme Court decision in February that struck down the core of President Donald Trump’s trade policy, which had relied on the International Emergency Economic Powers Act (IEEPA) to collect over $165 billion in country-specific tariffs since the start of Trump’s term [1]. According to a court filing by Brandon Lord, executive director of trade programs at the U.S. Customs and Border Protection agency, $20.6 billion in refunds out of $85 billion in both potential and certified refunds had been completed as of May 22, 2026 [1]. However, 4,185 consolidated refunds have not yet been transmitted to the Treasury for processing because the importers have not provided their bank account information [1].
Major companies seeking refunds include Costco, Walmart, Home Depot, Target, General Motors, Ford Motor Company, FedEx, UPS, and DHL [1]. Despite the refunds, importers are still subject to a blanket 10% tariff implemented under Section 122 of the Trade Act of 1974, which allows the president to impose global tariffs of up to 15% for up to 150 days [1]. Trump had threatened to raise this duty to 15% after the Supreme Court ruling but has not done so yet [1].
The Trump administration appears poised to attempt to renew the Section 122 tariffs’ 150-day period without congressional approval, although the statute does not specify when the 150-day period can be restarted [1]. U.S. Trade Representative Jamieson Greer stated that he cannot imagine the Republican-controlled House and Senate moving to block the administration from restarting the 150-day clock on the tariffs [1].
Last month, Trump indicated he would "remember" which companies chose not to apply for refunds, suggesting he would view them favorably [1].
CONCLUSION
The Supreme Court’s ruling has led to significant tariff refunds for U.S. importers, with over $20 billion already paid out and more pending. However, the imposition of a new 10% blanket tariff and the potential for its extension or increase create ongoing uncertainty for importers and the broader market.