The administration said that it has refunded about $100B of the revenues collected before the Supreme Court reversed the duties on the President’s Liberation Day.
The figure, reported Tuesday in a filing in the U.S. Court of International Trade, represents about 60% of the roughly $166B the government says it collected from the sweeping tariffs imposed in 2025 using the International Emergency Economic Powers Act (IEEPA).
Those tariffs were scrapped in late February after the high court ruled IEEPA did not authorize them. About two weeks later, federal Judge Richard Eaton ordered that tariffs collected under IEEPA must be refunded to the importers.
The new administration has recently taken a series of steps to effectively re-create the IEEPA tariff regime using other legal authorities. Those different tariff methods are currently facing new court challenges.
Meanwhile, the administration has been doling out refunds. Here’s my point.
Have any of you seen any of that money? It’s only $100B. That’s a nice chunk of change.
This is probably going to turn into the ultimate windfall for any of the larger corporations that requested refunds. It will mean an extra $166B gets added to their third and fourth quarter profits.
And no one seems to be writing about this.
I just thought that all of you should consider this the next time you place an order, and the cost of the imported goods you’re ordering has gone up.
Let me leave you with this…
The Labor Department’s July jobs report showed that the economy lost 23,000 jobs last month. Economists surveyed by The Wall Street Journal had expected a gain of 83,000.
Also, revisions to May and June payrolls numbers showed that the economy added 103,000 fewer jobs in those two months.
More Americans stopped looking for work entirely, according to the Labor Department’s separate monthly survey of households. As a result, the unemployment rate eased to 4.1%, from 4.2% in June, even though fewer people were working.
Huh? Excuse me? Take a moment and realize that those statements are contradictory.
The sizable pullback in hiring, not just in July, but in downwardly revised May and June numbers marked a shift for a labor market that appeared on the upswing earlier this year.
Meta announced it’s laying off roughly 8,000 employees – 10% of its workforce – and quietly killing another 6,000 unfilled roles.
The same week, Microsoft offered “voluntary separation” to 7% of its U.S. workers — more than 8,500 people.
Translation: quit on your terms, or we’ll fire you on ours.
And they’re not alone. Not by a long shot.
Amazon cut 16,000 corporate jobs… Block cut 40% of its workforce…. Salesforce eliminated 44% of its support team… Oracle is reportedly axing up to 30,000 roles.
IBM, Snap, Pinterest, Klarna… the list grows by the week.
Almost 80,000 tech jobs evaporated in the first three months of 2026 alone. The July Report, along with the downward revisions, left the job market looking suddenly shakier.
This could give Fed officials pause before pressing forward with a rate increase some had been considering for September. The numbers paint an ambiguous picture for the central bank.
Their goal was to lower unemployment. But this month, unemployment fell for the wrong reason. People just stopped looking for work.
A second straight year with big negative summertime revisions, however, could send economists searching for a deeper statistical explanation for the pattern. And there is no way in any wild hallucination, that AI can be the answer behind the entirety of this major economic shift.
There’s just too much going on that’s completely contradictory.
What does all of this actually mean? For one of the first times in my history, I’m stumped.
When it comes to the management of all of our businesses, I’m sure you’ll agree that the time for conservatism is definitely here.
Horde your cash like a Viking King. If there’s any fat in your organization, trim it now. Put all of your new projects on hold.
You don’t want to be left without a chair if the music suddenly stops. None of this makes any rational sense.
But go forward knowing that you’re not alone. I’m right there with you. We’ll fight through this together and figure it out one way or another.
As always, if you’re having trouble with your accounting and tax work, I’m waiting for your call.
We’re all going to get through this. Let’s get through it together..
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
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