‘Infuriating’ — Trump Blasts $149B Tariff Refund in Interview After IEEPA Ruling

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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. 'Infuriating' — Trump Blasts $149B Tariff Refund in Interview After IEEPA Ruling 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. Supreme Court’s 6-3 Ruling Forces $149 Billion Payout, Trump Pushes Back “It really pisses me off,” Trump said candidly in the interview. “Can you imagine — to people who hate us, to countries that ripped us off for years, I’ve got to give them back $149 billion.” The Court issued a 6-3 ruling in February 2026, holding that Trump’s use of the International Emergency Economic Powers Act to impose broad “reciprocal” tariffs exceeded his executive authority. The justices found that IEEPA, a 1977 statute designed for national emergencies and sanctions, did not authorize sweeping tariffs of the kind Trump imposed starting in 2025. 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. The administration imposed the invalidated tariffs beginning with “Liberation Day” on April 2, 2025, when Trump announced a minimum 10% reciprocal tariff on nearly all imports. Rates were set higher for dozens of countries, with China facing the steepest levies. Gross customs collections for the calendar year 2025 reached roughly $264 billion, up from about $79 billion in 2024. Markets, including digital assets like bitcoin ( BTC), shuddered in value due to fears of a trade war, higher inflation, supply chain disruptions, and recession risks. U.S. Customs and Border Protection launched the CAPE portal, short for Consolidated Administration and Processing of Entries, in April 2026 to handle claims. 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. Trump Executive Order Pushes Digital Assets Toward Fed Payment Access Trump Executive Order Pushes Digital Assets Toward Fed Payment Access Trump ordered federal regulators to review fintech and digital asset rules tied to banking and payment system access. The order… Read NowTrump ordered federal regulators to review fintech and digital asset rules tied to banking and payment system access. The order…

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