Trump tariff refunds to begin May 12 as CBP processes $166bn in claims

The Supreme Court ruled that tariffs imposed under the 1977 IEEPA were beyond presidential authority, triggering up to $166 billion in repayments. US Customs and Border Protection said electronic refunds via Automated Clearing House will begin as early as May 12 (one day later than a prior estimate) and has provided status reports so claimants can track processing. The refunds represent a significant one‑off liquidity injection for importers — especially retail, electronics and manufacturing firms — while creating a material fiscal hit to government revenues. Markets to watch include equities (potential boost to corporate cashflows), currency and bond markets as Treasury issuance and near‑term budget planning could be affected. The ruling also narrows a presidential trade tool, altering future bargaining leverage in negotiations.