US President Donald Trump's administration refunds $100bn of ‘liberation day’ tariffs

US President Donald Trump's administration has paid back $100bn in "Liberation Day" tariff refunds to businesses through customs officials, the Financial Times reported on Wednesday. 

This represents around 60% of all tariff revenue collected by the US government under the policy, according to a recent court filing from US Customs and Border Protection.

However, a sizeable portion of money remains unpaid. Nearly $29bn in potential refunds is undergoing review by trade authorities, while another $1.6bn is stuck because importers have not yet supplied their banking details.

The repayments followed a major Supreme Court decision in February, in which judges ruled that broad import duties introduced under economic powers were unlawful.

Market reaction

As of writing, the US Dollar Index (DXY) trades 0.03% lower to near 99.66.