(NewsNation) — As the legal battle over President Donald Trump’s tariffs continues, one question is lingering for business owners around the world: What happens to the billions already paid in tariffs?
According to the Treasury Department, the government has collected $68.2 billion in tariffs so far — a nearly 80% increase over the same period last year. Much of that cost has already been passed on to consumers through higher prices.
Court hints Trump tariffs may be refunded
A federal court ruling issued Wednesday has cast doubt on the legality of those tariffs.
In their decision, a panel of judges suggested that if Trump’s tariffs are permanently blocked, businesses that began paying “Liberation Day” tariffs on April 2 could be refunded, with interest.
U.S. Customs and Border Protection data shows billions of dollars have been collected under Trump’s new tariff policies, and experts estimate nearly $14 billion could be refunded if the ruling is upheld on appeal, according to MarketWatch.
What happens if Trump tariffs end?
The most likely outcome, if the ruling is upheld, is that companies and retailers will be reimbursed for the tariffs they paid when goods entered the U.S.
Although most companies raised prices to offset the cost of tariffs, consumers are unlikely to see any of that money back.
Businesses may be reimbursed while still profiting from the price hikes, leaving consumers to bear the burden without a refund.
