US Customs Review $29Bn in Tariff Refunds After Court Ruling

The refunds stem from a court ruling that broad import tariffs introduced under emergency economic powers were unlawful. The White House had cited the 1977 International Emergency Economic Powers Act (IEEPA), but the measures sparked outcry from firms facing abrupt tax rises and fuelled worries about higher prices. Amazon received approximately $600m in refunds during the second quarter, according to finance chief Brian Olsavsky, who said some money would be passed back to customers and the rest used to support lower store prices.

The overall payout is expected to rise as US Customs reviews pending claims and importers update banking details. The tariffs, announced on Liberation Day, affected imports representing roughly 60% of all tariff revenue collected under the policy.