Tech industry is in tariff hell, even if refunds are automated
It has been two weeks since the Supreme Court blocked Donald Trump's emergency tariffs, but an estimated 300,000 US businesses still have no idea if or when they will receive refunds.
Economists have estimated that more than $175 billion was unlawfully collected, and the US could end up owing substantially more than that the longer the refund process is dragged out, since the US must pay back daily interest on the funds. According to the Cato Institute, a libertarian think tank, a conservative estimate showed that "$700 million in interest is added to the final bill every month that the government delays tariff refunds, or around $23 million per day."
The US is aware that interest is compounding daily on tariffs, as the Trump administration argued against an injunction that would have temporarily blocked the tariffs much sooner by noting that no one would be harmed, since tariffs would be repaid with interest if deemed unlawful. However, now that the court has ruled against tariffs, the Trump administration seems to be dragging its feet in finding a way to return all the ill-gotten funds.