Trump tariffs live updates: Judge orders Trump administration to start issuing more than $130 billion in tariff refunds

A federal judge ruled that the US government must begin paying out more than $130 billion in tariff refunds to US businesses in another setback for the Trump administration after the Supreme Court struck down the president's wide-reaching "reciprocal" tariffs.

More than 2,000 companies, including well-known names like Costco (COST) and FedEx (FDX), have filed lawsuits seeking refunds for the illegal tariffs they paid. The ruling from Judge Richard Eaton offered some clarity on the murky process to recoup tariff costs, which could take years to play out.

But while the refund proceedings get ironed out, President Trump has moved forward with imposing new 10% tariffs that could rise to 15% as soon as "sometime this week," according to Treasury Secretary Scott Bessent.

The president's new 10% tariffs under Section 122 of the Trade Act of 1974 allow the president to impose tariffs of up to 15% for up to 150 days to address trade deficits. After 150 days, Congress would need to approve any extension.

During that time, the administration is exploring other laws to implement levies, with Bessent saying that he expects tariff rates to "be back to their old rate within five months." Trump's top trade adviser said US duties could exceed 15% for certain countries "where appropriate."

Trade policy has been marked by uncertainty since the Supreme Court's decision to invalidate Trump's most sweeping global tariffs and the president's new 10% blanket tariff went into effect. The European Union halted the ratification of its trade deal with the US, saying it needs "full clarity" on Trump's next steps before proceeding.

In recent weeks, Trump has also made plans to roll back some tariffs on metals as he and his administration seek to battle an affordability crisis ahead of the midterm elections.

Read more: *What Trump promised with his 'Liberation Day' tariffs — and what he delivered*

• FeaturedGrace O'Donnell ## Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court

The Trump administration will be required to pay more than $130 billion in tariff refunds, a federal judge in New York ruled Wednesday, marking another defeat for President Trump after the Supreme Court struck down his most widespread tariffs last month.

Over 2,000 companies have filed lawsuits seeking to recoup costs from the illegal tariffs that were invalidated by the court. The judge's orders suggested that all importers subjected to tariffs would be entitled refunds, including those that haven't filed lawsuits yet.

The Associated Press reports:

• Grace O'Donnell ## Fed's Beige Book paints mixed picture of economy as tariffs raise costs

The

Federal Reserve’s Beige Book, released on Wednesday, showed that US economic growth was muted in February as tariffs increased costs for businesses, some of which passed along higher prices to consumers.The national and regional summary of economic activity is meant to help the Fed capture qualitative data that it can use when making interest rate decisions.

Yahoo Finance's

Jennifer Schonbergerreports: - Jenny McCall

Elizabeth Warren slams Trump's effort to delay tariff refunds as a 'theft in broad daylight'

The Democrats are not impressed with the Trump administration's latest statement that the process for tariff refunds will be a long one, with midterm elections on the way this could become an election issue.

Senator Elizabeth Warren, the Massachusetts Democrat, has written to President Trump, saying the administration "has a responsibility to do everything in its power to ensure that it returns the money it illegally took from the American people."

Yahoo Finance's

Ben Werschkulreports on the latest around Trump tariff refunds. - Grace O'Donnell

Treasury Secretary Bessent says 15% global tariff could begin 'sometime this week'

Treasury Secretary Scott Bessent told CNBC that President Trump's global tariff increase to 15% would likely be implemented "sometime this week."

Last month, the White House imposed a 10% global tariff using a different authority than the one the Supreme Court invalidated. The new Section 122 tariffs are limited to 150 days, during which the US government is expected to explore ways to implement its tariffs similar to the illegal IEEPA ones.

“It’s my strong belief that the tariff rates will be back to their old rate within five months,” Bessent said.

The 15% tariff rate would replace the 10% tariff in place, according to President Trump's

Truth Socialpost that followed the Supreme Court decision. - Jenny McCall

Japan, US aim to add nuclear power project to $550B investment package

The US and Japan are working on a nuclear power project as part of the second round of deals, which fall under Japan's $550 billion investment package, according to a report in Reuters on Wednesday.

The two nations agreed to a trade deal last year, where Japan pledged to invest over $500 billion into the US. The nuclear power project will involve Westinghouse and is designed to strengthen both countries' energy supply chains as war in the Middle East renews concerns about energy security.

Reuters reports:

• Grace O'Donnell ## New York Fed's Williams: US businesses and consumers have paid for tariffs, pushing up inflation

Yahoo Finance's Jennifer Schonberger reports:

• Grace O'Donnell ## German Chancellor Merz to meet with President Trump

Germany's leader, Friedrich Merz, arrived in the US on Tuesday and will meet with President Trump to discuss a number of issues, including trade and the conflagration of hostilities in the Middle East.

The trip was originally planned with trade at the top of the agenda, as Merz was expected to discuss the Trump administration's tariff plans after the Supreme Court struck down the president's blanket tariffs at the end of February.

EU leaders are seeking assurances that US tariffs will not exceed the 15% cap they agreed to in a framework deal last August, after Trump imposed new 10% global tariffs under a different authority and threatened to raise them to 15%. Those tariffs, when added to preexisting tariffs, could push the rates for

some European exports above 15%.The European Union has delayed the ratification of the US trade agreement, potentially

testing Trump's patience, on the grounds that the Supreme Court decision has injected some fresh uncertainty into transatlantic trade.Merz is coming off a recent trip to China, where he

criticized some of China's trade policiesbut praised the alliance between the two countries. - Grace O'Donnell

Sportswear brand On sees possible boost from lower US tariff rate

Reuters reports:

• Grace O'Donnell ## Tariff-refund seekers flock to a little-known US court with big-case experience

A little-known US trade court is now tasked with determining whether refunds will be dealt to hundreds of companies seeking their share of the $130 billion paid in illegal tariffs after the Supreme Court struck them down.

Reuters reports:

• Grace O'Donnell ## Europe tests Trump’s short fuse with delays on US trade deal

Bloomberg reports:

• Bloomberg ## Farmers continue to grapple with Trump tariffs' uncertainty

Following the Supreme Court's decision striking down many of President Trump's tariffs as illegal, farmers in the US are riding the latest wave of uncertainty, Bloomberg reports:

• Grace O'Donnell ## Lowe's CEO says he's not 'factoring in' a tariff refund

Yahoo Finance's Brooke DiPalma reports that, unlike other companies, such as Costco (

COST), Goodyear (GT), and Prada (PRDSF), that sued the administration to preserve their right to a refund, Lowe's CEO Marvin Ellison said the company did not file and that it is "just too early to speculate about a refund.""What I will tell you is that when I talk to my legal team, there are quite a few maneuvers that the administration can take to prevent a refund from being a reality in the near-term, and so we're not sitting back factoring in that we're going to receive a refund," he said.

• Grace O'Donnell ## FedEx says it will return to customers any refunds it gets back from Trump's illegal tariffs

Associated Press reports:

• Jenny McCall ## US may have to pay over $160B in tariffs refunds as companies start to sue

Over 900 companies have sued the US due to President Trump's "Liberation Day" tariffs, which were struck down by the Supreme Court last Friday. This latest legal action is raising pressure on the Trump administration, who may have to issue refunds of more than $160 billion.

The FT reports:

• Jenny McCall ## US commerce secretary, India minister discuss trade days after Trump's tariffs are struck down

The US and India discussed trade on Thursday, the first meeting between the two sides since the Supreme Court struck down President Trump's tariffs last week Friday.

Reuters reports:

• Jenny McCall

  Trump tariff turmoil yet to dent emerging countries': EBRD

• Jenny McCall

  India holds line on Russian oil with Trump's tariffs in question

• Brett LoGiurato

  Greer: US tariff rate will rise to 15% for some countries but 'accommodate' those with deals

Some more comments from US Trade Representative Jamieson Greer, per Reuters:

• Jenny McCall ## Shoemaker Steven Madden withholds profit forecast on tariff uncertainty

Steve Madden's (

SHOO) stock fell 5% on Wednesday after the shoe and handbag maker withdrew its 2026 earnings forecast due to tariff uncertainty, in the first sign of chaos since the Supreme court shut down President Trump's tariffs last week Friday.Reuters reports:

• Jake Conley ## US trade representative: US aims to keep tariffs on China where they are

The White House will seek to keep levies on China at the levels set before the Supreme Court decision striking down large swaths of President Trump's tariff regime, US Trade Representative Jamieson Greer said Wednesday morning.

In comments to Fox Business, Greer said the US is aiming to maintain its tariffs of 35% to 50% on goods from China — now using alternative methods.

“We expect that level to remain in place. We don’t intend to escalate beyond that," Greer said Wednesday morning. "We intend to really stick to the deal that we had before.”

On Friday, the Supreme Court ruled that the president's use of the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs on foreign nations was illegal.

The White House has instituted a temporary 10% global levy since the ruling, and Greer said Wednesday morning that the US will soon be announcing a bump-up to 15% on its temporary 150-day global tariff. The administration is expected to use that window to implement new measures under other legislative authorities, such as the Trade Act's Sections 301 and 232.

President Trump will head to Beijing for a meeting with Chinese leader Xi Jinping at the end of March, where the leaders of the world's two largest economies are expected to discuss trade deals.

• Jenny McCall ## China says it has met US trade obligations, warns against more tariffs

China announced on Wednesday that it has already met all of its US trade obligations, even as the US threatens new tariffs following further investigations.

Reuters reports:

• Jenny McCall

  China’s $112B cargo gap shows record US tariff evasion

• Ben Werschkul

  Trump slams Supreme Court's 'unfortunate involvement' in tariffs, says the duties aren't going anywhere

President Trump on Tuesday night offered another strong defense of tariffs during the State of the Union and proclaimed that "the deals are all done" with no changes in the offing, even as he pilloried "an unfortunate ruling from the United States Supreme Court."

The highly anticipated moment saw the president address the issue and condemn "the Supreme Court's unfortunate involvement" as four justices in attendance sat motionless a few feet away.

The president also claimed that congressional action will not be necessary to keep his tariffs in force and even claimed that the duties would eventually “substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love."

Trump again overstated the effects of tariffs. Tariffs have actually been bringing in only a small fraction of income tax revenue so far —

about $30 billion a month in recent months. It was another forceful defense of Trump's central economic policy, even as his public support on tariffs has been ebbing.Lawmakers' reaction in the room was mixed, after

bipartisan votes in both chambers have rebuked Trump's tariffsand Democrats are already pledging to block an extension of the new Section 122 tariffs when they come up for congressional review in 150 days.The skepticism is also evident among voters. Some polls show Americans opposed to Trump's tariffs

by a nearly 2-to-1 margin. Just this week, a new ABC News/Washington Post/Ipsos poll found that 64% of Americans disapprove of Trump's handling of tariffs, while only 34% approve. - Jenny McCall

FedEx seeks a tariff refund in court after they are ruled illegal by Supreme Court

Now that the US Supreme Court has ruled against President Trump's tariffs, many companies are seeking compensation for the money they spent on tariffs, and the first in line is FedEx (

FDX), which is suing the US government and wants a full refund on what it paid for levies set by Trump during his "Liberation Day" tariff order last year.The AP reports:

• Jenny McCall ## Trump's new tariffs shift focus to balance of payments; economists see no crisis

President Trump's promised temporary tariffs of 15% to replace those that were struck down by the US Supreme Court on Friday are meant to help solve a problem that some economists say is non-existent: a US balance-of-payments crisis. That could make the duties vulnerable to new legal challenges.

Reuters reports:

• Jenny McCall ## Trump eyes new trade probes to revive tariffs after court defeat

Following President Trump's tariff defeat at the US Supreme Court, the administration is launching a new set of national security investigations to try to justify new global tariffs, according to a Bloomberg report.

Bloomberg News reports:

• Jenny McCall

  Tokyo calls on US to ensure Japan not worse off with new tariffs

• Jenny McCall

  Trump’s 10% levy takes effect as US rebuilds tariff wall

President Trump's 10% global tariffs kicked in today, following the administration's trade agenda to maintain the tariff regime after the US Supreme Court struck down Trump's original "Liberation Day" tariffs on Friday.

Trump signed the executive order for 10% global tariffs on Friday, just a few hours after the ruling. The president threatened to raise them to 15%, but has not issued an official directive to do so.

Reports state that Trump and his team are currently working on raising the rate to 15% from 10%.

Bloomberg News reports:

• Brett LoGiurato ## EU warns Trump's new tariff policy breaks trade agreement

The US trade deal with the European Union appears to be collapsing, as the bloc has warned that

Trump's shifting tariff prioritieslikely violate the agreement. This came after lawmakers voted to postpone ratification of the agreement to get "full clarity" on Trump's next tariff steps after a setback in the US Supreme Court. - Grace O'Donnell

Early winners and losers emerge as Trump revamps his tariff regime

As President Trump moves to a "one size fits all" 15% tariff for 150 days, it's creating clear winners and losers among nations transitioning to a new US tariff regime.

Yahoo Finance's

Ben Werschkulreports: - Grace O'Donnell

EU lawmakers postpone vote on US trade deal after tariff upheaval

European Union lawmakers delayed ratification of the trade deal between the United States and the EU on Monday after the Supreme Court struck down President Trump's blanket tariffs and the president's subsequent 15% tariff announcement shook up the trade landscape.

Reuters reports:

• Jenny McCall

  Trump pegs new tariffs to a payments crisis that experts doubt exists

• Jenny McCall

  Switzerland says still aiming for legally-binding trade deal with US

• Jenny McCall

  The biggest loser from Trump’s new tariffs could be Britain

• Jenny McCall

  Xi gains leverage before Trump summit after tariff reversal

With President Trump due to head to Beijing on March 31, its believed that Chinese President Xi Jinping may seek to negotiate the tariff deal the two nations have following the US Supreme Courts decision on Friday to strike Trump's tariffs down.

The court's decision has given Beijing some leverage, especially now that Trump is unable to raise tariffs.

Bloomberg news reports:

• Jenny McCall ## Markets roundup: Stocks, dollar, gold, bitcoin, and oil

The fallout from President Trump's tariff defeat on Friday has gone far and wide, and the markets have started to react to the news.

Stocks:US stock futuresslippedon Monday as Wall Street digested the latest news on Trump's tariff defeat. Dow Jones Industrial Average futures (YM=F) dropped 0.3%. Contracts on the S&P 500 (ES=F) fell roughly 0.3%, while those on the tech-heavy Nasdaq 100 (NQ=F) sank 04%.Chinese stocks got a boost from tariffs, as investors weighed the impact on the current deal the US has with China and whether China's leader Xi Jinping would seek to renegotiate it. The Hang Seng index (

^HSI) closed 2% up on Monday.US dollar:The dollar (DX=F) fell on Monday, trading 0.1% lower.Gold:Gold (GC=F) futures rose 1%, and silver (SI=F) gained 4% as investors poured into safe-haven assets following Trump's tariff defeat.Bitcoin:Bitcoin (BTC-USD) fell below $66,000 and was down 3% on Monday.Oil:Brent (BZ=F) and West Texas Intermediate (CL=F) both fell 0.7% on Monday. - Jenny McCall

US to stop collecting tariffs deemed illegal by Supreme Court on Tuesday

The US Customs and Border Protection agency said that it will stop all collections of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as of 12:01 am EST on Tuesday.

This latest move comes just days after the US Supreme Court struck down President Trump's tariffs, declaring them illegal and finding that the president overstepped his authority when he enforced them, saying he should have gone to Congress first.

The Supreme Court's decision to strike down Trump's tariffs has caused a ripple effect across markets, with stocks, gold, bitcoin, and oil all affected by the fallout. The question also remains whether the Trump administration will have to repay the billions in tariff revenue it collected as part of its "Liberation Day" tariffs.

Some countries have said they will stick to the tariff deals they agreed with the US, but experts believe that the SCOTUS decision could provide leverage for some of the US's biggest trading partners, such as China, India and the EU.

Reuters reports:

• Jenny McCall

  China, India among winners after US court blocked Trump tariffs

• Rian Howlett

  EU says 'a deal is a deal', rejects Trump's higher tariff proposal

The European Commission has

published a reply to Trump's15% global tariffs, issued following the Supreme Court ruling that Trump did not act with legal authority when shaking up global trade at the start of his second term.Reuters reports:

• Bloomberg ## Lagarde says US tariffs create uncertainty: 'You want to know the rules of the road before you get in the car'

European Central Bank President Christine Lagarde said Sunday that the latest tariff moves by the Trump administration put at risk the terms negotiated in a trade agreement between the EU and US, and create uncertainty for the EU economy.

• Bloomberg ## UK may have lost its unique trade status with the US after SCOTUS tariff ruling

The UK had a trade deal with President Trump that was more favorable than other countries' trade agreements with the US. But in the aftermath of the Supreme Court's ruling that Trump does not have

the authority to levy tariffsunder the International Emergency Economic Powers Act (IEEPA), the UK's status is uncertain, Bloomberg reports. - Reuters

India pauses plan to send trade delegation to US after SCOTUS tariffs ruling

A planned trade meeting between India and the US has been put on hold after the US Supreme Court decision struck down most of President Trump's tariffs, Reuters reported. India had planned to send a delegation to Washington, D.C. this week.

• Bloomberg ## China in 'much stronger bargaining position' after SCOTUS tariffs ruling

Friday's Supreme Court ruling that President Trump doesn't have the authority to levy tariffs under the International Emergency Economic Powers Act (IEEPA) gives China's president Xi Jinping new leverage ahead of talks next month, Bloomberg reports:

• Kim Lyons ## US says no countries with tariff deals have said they plan to withdraw

The same day EU Parliament trade chief proposed freezing the bloc's trade deal with the US amid tariffs "chaos," US Trade Representative Jamieson Greer said Sunday no countries have indicated they plan to withdraw from trade deals.

In a 6-3 vote on Friday, the US Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA)

does not give the president the authority to levy tariffs.But Greer, speaking on CBS's "Face the Nation" program Sunday, said he had spoken with his EU counterpart and would be speaking with officials from other countries,

Reuters reported."I haven't heard anyone yet come to me and say the deal is off," Greer said.

After signing an order late Friday implementing a 10% global tariff, Trump said Saturday he would raise it to 15%, effective at 12:01 a.m. Feb. 24. The president claimed authority under IEEPA to implement the new global tariff under Section 122 of the Trade Act of 1974.

That statute allows the president to impose tariffs of up to 15% for up to 150 days. After that time, Congress would need to approve any extension. And that authority, how,

has never been used to impose tariffs. ## 'We don't want to be some sort of hostage': EU considers response to latest Trump tariffs

France's trade minister on Saturday said the European Union has the tools to respond to President Trump's latest round of tariffs, the Financial Times reported. Nicolas Forissier saiad EU members should take a "united approach" to the extra levies — now at 15% — that Trump announced a day after a Supreme Court decision invalidated most of his previous tariffs.

• Reuters ## Trump ups the 'global' tariff rate from 10 to 15%

After signing an order late Friday implementing a 10% global tariff, President Trump said on Saturday he will raise it to 15%.

Trump said in a press briefing on Friday that his administration would place a "10% global tariff ... over and above the normal tariffs already being charged" now that the Supreme Court has struck down his wide-sweeping tariff regime.

On Saturday, Trump said on social media he as raising the levy "to the fully allowed, and legally tested, 15% level."

In a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA)

does not give the president the authority to levy tariffs, dealing a blow to the Trump administration's signature economic policy.The high court's ruling, Trump said at the briefing, was "deeply disappointing."

The tariff, which Trump ordered in a Friday directive, is set to take effect Feb. 24 at 12:01 a.m. Washington time, according to a fact sheet released by the White House.

• Reuters ## Trump to visit China next month in wake of SCOTUS tariff ruling

President Trump will travel to China next month for a highly anticipated meeting between the leaders of the world's two biggest economies, Reuters reported:

• Bloomberg ## Trump signs executive order implementing 10% 'global' tariffs

President Trump followed through on his threat to impose 10% 'global' tariffs after his levies were largely struck down by the Supreme Court on Friday, Bloomberg reports.

• Ben Werschkul ## 'It will not be automatic or immediate': Companies brace for a messy tariff refund process

Friday's landmark Supreme Court ruling

struck down President Trump's blanket tariffsbut left open a key question around whether companies that already paid the duties will be able to get refunds.The court’s majority opinion was silent on that top-of-mind issue for companies, while President Trump signaled that he wouldn't give tariff refunds willingly.

"I guess it has to get litigated for the next two years," the president said as he declined to respond directly to a question of whether he would honor refunds for companies that file for them.

"It would have been a simple matter for the president to assure American taxpayers who carried this billions-of-dollar burden to commit to returning the funds that were unlawfully levied," said Erik Smithweiss, a partner focused on trade issues at the firm GDLSK, in an interview Friday afternoon.

"The notion that American taxpayers have to now litigate to get back money that the government illegally collected is unfortunate," he added.

The process ahead is murky, likely requiring plenty of legal wrangling as the refund issue now appears headed to lower courts, in particular the US Court of International Trade (CIT).

That three-judge panel previously ruled in 2025 that Trump's blanket tariffs were illegal, a ruling that the Supreme Court upheld Friday.

The Penn Wharton Budget Model

laid out the stakes,saying that reversing these tariffs may generate up to $175 billion in refunds. The group added that, unless the duties are replaced by another source, future tariff revenue collections could also fall by half. - Jake Conley

Trump says he'll impose 10% 'global' tariff under different authority

President Trump said in a press briefing on Friday that his administration will be placing a "10% global tariff ... over and above the normal tariffs already being charged" now that the Supreme Court has struck down his wide-sweeping tariff regime.

In a 6-3 vote on Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA)

does not give the president the authority to levy tariffs, dealing a blow to the Trump administration's signature economic policy.The high court's ruling, Trump said at the briefing, was "deeply disappointing."

In those tariffs' place, which the president claimed authority under IEEPA to implement, a global tariff authorized under Section 122 of the Trade Act of 1974 will now be put in place, and the administration will be starting several trade investigations under Section 301.

The White House, Trump said, is ready to replace his tariff regime, struck down by the Supreme Court, with "methods, statutes, practices, and authorities" recognized by the court system and Congress that "are even stronger than IEEPA tariffs."

The alternative measures the administration will now put in place to replace the tariffs will "actually increase" the amount of money coming into the country, based on the court's decision, Trump said at the briefing.

The president also mentioned that "all national security tariffs" under Section 232 and Section 301 "remain fully in place and in full force and effect."

The Supreme Court's ruling on Friday leaves tariffs implemented under Section 232 of the Trade Expansion Act of 1962 — which cite national-security concerns — unchanged, keeping in place a range of import duties on products ranging from copper and semiconductors to automobiles and wood products such as cabinetry.

Section 232 tariffs include

50% levies on importsof semi-finished copper products,25% levies on certain imported semiconductors— including Nvidia's (NVDA) H200 chips — and automobile tariffs, including25% levies on trucks and 10% levies on buses.

Termsand

Privacy Policy