United States refunds $81 billion in tariffs following Supreme Court decision

The U.S. Supreme Court ruled that a large portion of the tariffs imposed under President Donald Trump was unlawful. As a result, the Treasury Department refunded about $81 billion to companies that had paid those duties during the fiscal year that began in October 2025. The bulk of the repayments occurred in May and June 2026.

The refunds reversed earlier budget gains: June’s federal deficit rose to $120 billion, and the deficit for the first nine months of the fiscal year reached $1.367 trillion, up 2 percent year‑over‑year, driven by higher interest payments on the national debt and increased military spending.

Washington is preparing new trade measures, including a possible 25 percent retaliation tariff on Brazil and broader duties aimed at industrial overcapacity and forced‑labour concerns. Brazil’s Ministry of Development, Industry, Trade and Services (MDIC) and Finance Minister Dario Durigan say they are in contact with U.S. trade officials and are evaluating whether to invoke Brazil’s reciprocity law should new U.S. tariffs be confirmed.