Bessent Denounces $100 Billion Tariff Refunds as Corporate Bonanza
Updated
Updated · ms.now · Aug 22
Bessent Denounces $100 Billion Tariff Refunds as Corporate Bonanza
3 articles · Updated · ms.now · Aug 22
Summary
$100 billion in tariff refunds has already been issued by U.S. Customs and Border Protection, prompting Treasury Secretary Scott Bessent to call the payouts a “corporate bonanza” outside the White House.
The refunds accelerated after the Supreme Court ruled this year that earlier import duties were illegally imposed, with more than 40 S&P 500 companies expecting $9.6 billion back.
Walmart and Target were among the biggest beneficiaries, reporting roughly $3 billion and $1 billion respectively, helping lift second-quarter profits as both said some savings would go into lower prices.
Bessent said the administration has devised a legal workaround to restore tariff revenue, underscoring White House hostility toward the refund wave even as companies race to claim money they paid.