The White House reports that new tariffs have generated over $150 billion in revenue this year, but a Supreme Court hearing on November 5 could potentially lead to refunds if it finds President Trump’s use of the International Emergency Economic Powers Act unlawful. Treasury Secretary Scott Bessent indicated that around half of the tariff revenue might need to be refunded if the court upholds lower court rulings. Experts foresee significant uncertainty regarding the refund process, with some suggesting it could overwhelm customs agencies, as the scale of requests might be unprecedented. Companies are advised to prepare by confirming product classifications and ensuring accurate documentation.

Source: https://www.supplychaindive.com/news/trump-tariff-refunds-shippers-supreme-court/803415/