{"id":68541,"date":"2026-03-04T19:17:24","date_gmt":"2026-03-04T19:17:24","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/tariff-refund-delays-could-cost-u-s-taxpayers-700-million-a-month-in-interest-report-finds\/"},"modified":"2026-03-04T19:17:24","modified_gmt":"2026-03-04T19:17:24","slug":"tariff-refund-delays-could-cost-u-s-taxpayers-700-million-a-month-in-interest-report-finds","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/tariff-refund-delays-could-cost-u-s-taxpayers-700-million-a-month-in-interest-report-finds\/","title":{"rendered":"Tariff refund delays could cost U.S. taxpayers $700 million a month in interest, report finds"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>The federal government is estimated to owe American businesses up to $175 billion in tariff refunds after the Supreme Court\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-tariffs-supreme-court-decision\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">struck down<\/a><\/span>\u00a0much of the Trump administration&#8217;s import duties last month. But the U.S. could end up owing considerably more money, according to a new analysis \u2014 in interest payments.\u00a0<\/p>\n<p><a href=\"https:\/\/www.cato.org\/blog\/tariff-sour-grapes-will-cost-taxpayers-20-million-day\" target=\"_blank\" rel=\"nofollow noopener\">Research<\/a> from the Cato Institute, a nonpartisan think tank in Washington, D.C., said that the delay in refunding companies for emergency tariffs invalidated by the high court is costing U.S. importers a total of $700 million per month, or $23 million per day, based on the interest owed on the illegally collected duties.\u00a0<\/p>\n<p>&#8220;If you import a good and pay a duty on it that the government assesses was wrong, you get your money back with interest, because that capital was tied up,&#8221; Scott Lincicome, vice president of general economics at the Cato Institute, told CBS News.\u00a0<\/p>\n<p>The Trump administration had said it would issue refunds if the duties targeting nearly every U.S. trading partner around the world were found unlawful by the Supreme Court.<\/p>\n<p>The White House did not immediately respond to a request for comment on Cato&#8217;s findings.\u00a0<\/p>\n<h2>Refund barrier removed<\/h2>\n<p>The U.S. Court of Appeals for the Federal Circuit on Monday\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/federal-appeals-court-rejects-trump-tariff-refund-delay-supreme-court\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">denied the Trump administration&#8217;s<\/a><\/span>\u00a0request to delay the refund process. The decision opens the door for the U.S. Court of International Trade to set up a process to reimburse the small businesses that successfully challenged Mr. Trump&#8217;s global tariffs.<\/p>\n<p>Cato&#8217;s calculation of how much the government owes in additional interest payments assumes the U.S. had collected $175 billion in tariffs when they were struck down in February, basing that figure on estimates from the Penn Wharton Budget Model at the University of Pennsylvania and other sources.\u00a0<\/p>\n<p>U.S. Customs and Border Protection data shows that, through the end of 2025, the federal government had collected <a href=\"https:\/\/www.cbp.gov\/newsroom\/stats\/trade\" target=\"_blank\" rel=\"nofollow noopener\">$134 billion<\/a> in duties under the International Emergency Economic Powers Act (IEEPA).<\/p>\n<p>Delays in providing tariff refunds &#8220;would leave American taxpayers on the hook for billions in interest that the government would owe importers on top of the tariff refunds \u2014 interest that the government has already acknowledged in multiple public filings and has promised to pay,&#8221; Cato said in its report.\u00a0<\/p>\n<h2>Interest payments required<\/h2>\n<p>Interest payments on tariff overpayments are required under U.S. customs rules, with the Code of Federal Regulations <a href=\"https:\/\/www.ecfr.gov\/current\/title-19\/chapter-I\/part-24\/section-24.3a#p-24.3a(c)(1)\" target=\"_blank\" rel=\"nofollow noopener\">stating<\/a>\u00a0that the government must pay interest on reimbursable duties. The IRS&#8217; corporate overpayment <a href=\"https:\/\/www.irs.gov\/payments\/quarterly-interest-rates\" target=\"_blank\" rel=\"nofollow noopener\">rates<\/a> establish interest rates on refunds.\u00a0<\/p>\n<p>Under current U.S. trade laws, the tax rate on imports worth less than $10,000 is 6% and 4.5% for larger volumes of goods worth more than $10,000. Based on those rates, delaying refunds for one year could result in additional interest payments on the illegal IEEPA tariffs of $8.4 billion, according to Cato.\u00a0<\/p>\n<p>&#8220;I don&#8217;t know what the administration will argue, but the law says \u2014 and courts have been clear \u2014 that they are going to require refunds with interest,&#8221; Lincicome said.\u00a0<\/p>\n<p>Several major corporations, including Bausch &amp; Lomb, Dyson, FedEx and L&#8217;Oreal, have\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/fedex-tariff-refunds-lawsuit-consumers\/\" data-invalid-url-rewritten-http=\"\">sued the federal government<\/a><\/span>\u00a0for refunds on the tariffs they paid under IEEPA. FedEx has also pledged to refund shippers and consumers who paid the charges if the business is ultimately made whole.\u00a0<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n        <\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins 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Court\u00a0struck<\/p>\n","protected":false},"author":1,"featured_media":68542,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[839,799,386],"class_list":["post-68541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us","tag-supreme-court-of-the-united-states","tag-tariffs","tag-trump-administration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tariff refund delays could cost U.S. taxpayers $700 million a month in interest, report finds - World News<\/title>\n<meta name=\"description\" content=\"The U.S. government must also reimburse businesses for the interest they paid on tariffs recently struck down by the Supreme Court, according to the Cato Institute.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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