President Trump told Fortune editor-in-chief Alyson Shontell this week that he is furious about the $149 billion the federal government must return to importers after the Supreme Court struck down a significant portion of his 2025 tariffs.
Key Takeaways:
Trump told Fortune on May 18, 2026, the $149 billion tariff refund mandate “pisses me off.”The Supreme Court’s 6-3 February 2026 ruling struck down IEEPA tariffs, forcing CBP to open the CAPE portal.GM expects $500 million back as refunds top $35 billion, with interest accruing at $650 million per month.The ruling invalidated a large share of the duties collected under those emergency declarations, including tariffs tied to trade deficits, fentanyl concerns, and border security. Tariffs imposed under separate statutes, including Section 232 on steel and aluminum and Section 301 on Chinese goods, were not affected.
More than 330,000 importers of record, covering millions of individual entries, are eligible to file. Processing time per approved claim runs 60 to 90 days, with the rollout starting from the most recent payments first. Refunds began issuing in May 2026. Interest is accruing at an estimated $650 million per month.
More than $35 billion has reportedly been paid out or scheduled. General Motors has disclosed it expects to receive approximately $500 million, part of what the company says amounts to more than $3 billion in total paid duties eligible for return.
Not all businesses are moving quickly. Companies, including Fedex and UPS have said they intend to pass refunds along to customers. Large retailers have faced pressure and legal action, but have been slower to act. Refunds received in 2026 are generally treated as taxable income.
The fiscal picture is notable. The refund obligation creates a one-time outflow of roughly $149 billion to $166 billion from the Treasury, plus interest and administrative costs. That worsens the federal deficit in the near term. Ongoing revenue from remaining tariffs continues to run above pre-2025 levels, but falls well short of the administration’s earlier projections.
Consumers who paid higher prices on imported goods during the tariff period are not directly eligible for refunds. The payments go to importers of record, which are primarily businesses and customs brokers. That gap has prompted calls for voluntary pass-throughs and, in some cases, class action litigation.
Trump has indicated he intends to pursue new tariff mechanisms under other legal authorities to replace the revenue lost to the court ruling. He has also said he will take note of which companies do not seek refunds, signaling he views the claims process as politically meaningful.
