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Corporate America is lining up for refunds from President Donald Trump’s emergency tariffs following the US Supreme Court’s decision, with more than $130 billion at stake.
The U.S. Chamber of Commerce and the National Retail Federation were among the industry groups immediately pressing for reimbursement of billions of dollars in duties paid since Trump’s tariffs took effect last year.
The Supreme Court ruled in a 6-3 decision that the president violated his authority in using the International Emergency Economic Powers Act to impose new tariffs on dozens of countries.
The ruling did not provide any framework for deciding whether someone is entitled to a refund or how they would be paid, leaving it up to a lower court.
Trump on Friday said it was “madness” that the Supreme Court did not address whether the administration is required to issue refunds for tariff payments based on the ruling. “It has not been discussed. We will remain in court for the next five years,” he said at a press conference.
US Treasury Secretary Scott Besant echoed Trump’s comments, indicating that refunds were unlikely to be paid soon.
“I believe this could drag on for weeks, months, years,” Besant said at an event in Dallas, Texas. “I have a feeling the American people won’t see it.”
Still, business groups representing large and small companies across the country called for an expedited process to provide refunds immediately.
The NRF, which represents retail giants like Walmart as well as independent store owners, urged the courts to “ensure a seamless process for refunding tariffs to U.S. importers. Refunds will serve as an economic boost and allow companies to reinvest in their operations, their employees, and their customers.”
The Chamber of Commerce welcomed the decision and called on its younger members to demand repayment of duties.
The group’s chief policy officer, Neil Bradley, said: “A prompt refund of permissive tariffs will be meaningful to the more than 200,000 small business importers in this country and will help support strong economic growth this year.”
“It’s important that that money be given back without going through some of these onerous processes,” said Dan Anthony, executive director of We Pay the Tariffs, a small business coalition that opposes the levy.
“Full, fast automatic refunds are really where our focus is going to be.”
The American Apparel & Footwear Association, a trade group representing clothing and shoe companies including Ralph Lauren and American Eagle Outfitters, said the decision mandated refunds.
It called on the Customs and Border Protection agency to “move quickly and provide clear guidance to U.S. businesses on how to obtain refunds for illegally collected tariffs. CBP’s recently modernized, fully electronic refund process should help expedite this effort.”
But analysts warned it could take years for the government to return the money to businesses and said the process would be “dealt with on a case by case”, meaning not all companies will necessarily get the money back.
“Any refunds will come slowly,” said Shannon Green at Wells Fargo. “Repayments are expected to take several months, if not years, and should be delivered directly to importers who originally paid the tariffs.”
CBP data through mid-December shows that $133.5 billion in tariff revenues generated from IEEPA measures was collected.
Academics and Wall Street economists said the final figure could be much larger. Yale’s Budget Lab estimates that $142 billion in IEEPA-related tariffs were collected in 2025. JPMorgan estimates the full number so far could be as high as $200 billion.
Recent research from the New York Federal Reserve and the German think-tank Kiel Institute showed that American businesses and consumers paid at least 90 percent of the cost of the tariffs.
Most of Trump’s so-called reciprocal tariffs took effect on August 7, four months after imposing IEEPA in early April.
The White House used IEEPA last April to impose tariffs of up to 125 percent on China, which later dropped to 10 percent, and to charge Canada and Mexico for their alleged role in the fentanyl trade.
Most large US companies did not join the litigation challenging Trump’s emergency tariffs. But warehouse club retailer Costco Wholesale filed a lawsuit in November to secure a refund if the tariffs were reduced. Costco did not immediately respond to a request for comment.
Industry officials said they expect many new claims to be filed following the Supreme Court’s decision.
