The businesses clawing back tariff refunds from Donald Trump | The Business | ABC NEWS

Businesses around the world are clawing back tens of billions of dollars paid to United States customs after Donald Trump's "liberation day" tariffs were deemed unlawful. Overall, $US80 billion ($114 billion) in tariffs has been refunded by the US since May, plus interest at a rate of up to 7 per cent, according to analysis by Oxford Economics. Armed with a gigantic board, Mr Trump sent global markets and importers into a tailspin in April 2025 with his self-deemed "liberation day" tariffs. Australian exporters got a flat tax of 10 per cent slapped onto any goods going into the US, but many faced far higher rates due to making goods in China. Liberty Justice Center challenged the tariffs and won. Its chief executive, Sara Albrecht, had personally voted for Mr Trump three times, but believed passionately that his tariffs needed to be shut down. The Supreme Court panel, while split 6–3, ultimately ruled that the president did not have the power to impose sweeping global tariffs under the decades-old law enacted, known as the International Emergency Economic Powers Act (IEEPA). The victory turned the president's signature economic and trade policy into a liability, with billions of dollars to be refunded to businesses across the globe. Australian brand Nashie has received a tariff refund, with the six-figure payout including interest on the money. But getting a refund isn't straight forward. Nashie has US-linked import operations and an American bank account. Importers without this set-up are often in a holding pattern, especially if they went through traditional mail networks to get goods into the US. Australia Post said it was advocating on behalf of its customers to US authorities. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2026-07-1... Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia