Businesses claw back tariff refunds after Trump tariffs ruled unlawful
Businesses around the world are receiving refunds of tariffs paid to the United States after Donald Trump's so-called liberation day tariffs were ruled unlawful. The refunds are being issued after the April 2025 measures triggered a sharp rise in import costs for companies selling into the US market. One Australian brand, Nashie, says it has already received a six-figure refund that included interest.Oxford Economics estimates that about US$80 billion in tariffs has been refunded since May, with interest paid at rates of up to 7%. The firm says the same amount is expected to be refunded again over the next... [Continue Reading]
360LiveNews | 15 Jul 2026 20:03 LONDON
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Day News Recap: Trump drops Hormuz cargo fee as Iran tensions rise and oil hits four week high
US President Donald Trump reversed a planned 20 percent fee on cargo moving through the Strait of Hormuz, saying Gulf states would instead make investment and trade, after earlier threatening a strike on Iran's deeply buried Pickaxe Mountain nuclear site and later saying the US military had reopened Hormuz for all but Iran. 🔗 🔗 🔗Oil prices climbed to a four week high as renewed US Iran hostilities deepened fears over energy supplies through the waterway, while gold fell about 3 percent after the naval blockade announcement. The United Arab Emirates is also planning a new east coast deepwater port... [Continue Reading]
360LiveNews Recap | 14 Jul 2026 18:21 LONDON
US refunds $81 billion in tariffs after Supreme Court ruling
The United States government has refunded $81 billion in tariffs collected under a contested trade policy, according to newly released federal budget figures. The repayments follow a Supreme Court ruling that found a substantial portion of the levies unlawful. The refunds were paid to companies that had imported goods subject to the tariffs, marking a major reversal for a policy central to President Donald Trump's economic agenda.The figures show a sharp rise from the $5 billion returned during the same period a year earlier. Most of the repayments were processed in May and June, with a Treasury official saying the... [Continue Reading]
360LiveNews | 14 Jul 2026 12:35 LONDON
