U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war

Trump sits in the Oval Office, speaking and gesturing with both his hands. (Credit: SAUL LOEB/AFP—Getty Images)

American companies are finally getting relief from tariff refunds—only it’s just in time for a new wave of inflationary economic factors.

The U.S. Customs and Border Protection issued $49.2 billion in refunds in June, according to the U.S. Treasury’s monthly statement, bringing total tariff refunds to about $71 billion, or more than 60% of the $166 billion available following the Supreme Court striking down tariffs under the International Emergency Economic Powers Act (IEEPA) in February.