US tariff refunds total AU$237bn, but the economic damage cannot be undone
More than AU$121 billion has already been returned to importers, but cancelled orders, legal costs, and new tariffs starting today mean losses cannot simply be reversed.
The US Supreme Court ruled 6-3 in February that Trump's Liberation Day tariffs were unconstitutional, triggering AU$237 billion in refunds. Over AU$121 billion has been returned.
But cancelled orders, legal fees, and renegotiated contracts cannot be reversed. Small US importers each paid around US$306,000 extra in tariffs on average.
New US tariffs of 12.5% on Australian goods under separate laws took effect on 24 July.
- AU$237 billion
- Refund total
- 6-3 Supreme Court, 20 February 2026
- Court ruling
- 12.5 percent effective 24 July 2026
- New tariff rate
- US$306,000 per small importer
- Average importer cost
Why it mattersAustralian businesses shipping via Australia Post have no refund pathway yet, and face new US tariffs of 12.5% under laws the court has not challenged.
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