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The Trump administration’s “tariff rollback” will suffer big losses! Loss of US$25.5 billion in June

2026-07-14·newswire-us-stock-024254
The Trump administration’s “tariff rollback” will suffer big losses! Loss of US$25.5 billion in June.

June is the second full month since the U.S. Supreme Court overturned most of President Trump’s tariff measures and the U.S. government officially opened the “tax refund process.” It is reported that the U.S. Treasury Department refunded nearly $49.1 billion in tariff revenue to importers that month, resulting in a "tariff loss" of $25.5 billion that month.

As background, on February 20 this year, the U.S. Supreme Court ruled that U.S. President Trump’s implementation of global tariffs in accordance with the International Emergency Economic Powers Act (IEEPA, a 1977 law designed to be used in national emergencies) was ultra vires. Subsequently, a U.S.

Court of International Trade judge ruled on March 4, requiring the U.S. Customs and Border Protection (CBP) not to impose tariffs in accordance with the International Emergency Economic Powers Act during tariff settlements, and to refund up to $170 billion in tariffs (plus interest) to approximately 330,000 importers.

Relevant tariff refund work was officially launched on April 20. According to the latest statement released by the U.S. Treasury Department, The amount of tariff refunds in June easily exceeded the $23.6 billion in tariff revenue collected during the same period. The latest data shows that the situation is sharply "worsening" compared with May's results.

In May, the tariff refund process officially started (a full month), but the tax refund and revenue figures for both sides were similar, about $21.9 billion. The net loss in May totaled $42 million - just a rounding error in the government's finances. But the figures for June are hard to ignore, with losses as high as approximately US$25.5 billion.

And the outlook for tariff revenue may not be clear for months to come. This summer, the Trump administration has been expanding government The list of eligible customs duty refund situations means that more companies will be able to apply for tax refunds in the coming months.

The above data also represents Trump's seventh consecutive month of decline in tariff revenue, and even a huge loss. Data show that monthly tariff revenue peaked at $31.35 billion in October last year, and has mostly been on a downward trend in the following months.

And, in recent months, Trump has also cut tariff revenue by creating exemptions in response to price pressures felt by Americans. Recent examples include new exemptions for Moroccan fertilizers and reduced tariffs on farm equipment. As a result, customs revenue has been declining for several months, even excluding rebates. Overall, the U.S.

Treasury Department's monthly report showed that the U.S. budget deficit totaled $1.4 trillion from October 2025 to June this year (the first nine months of this fiscal year). The nonpartisan Committee for a Responsible Federal Budget (CRFB) noted that this deficit exceeds the deficit for all of fiscal 2025. The agency said the U.S.

full-year deficit is expected to exceed $2 trillion. It is reported that these huge deficits, which reached US$120 billion in June alone, further undermined Trump's earlier promise that tariffs would quickly balance the budget.

In fiscal year 2025, tariff revenue made a significant contribution to the state coffers, helping to achieve the smallest fiscal deficit in three years. U.S.

Treasury Secretary Bessent previously said that tariff measures implemented under other legal authorizations are expected to bring similar revenue to the government in 2026, although some of these measures are not yet fully in place. (

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Full text

The Trump administration’s “tariff rollback” will suffer big losses! Loss of US$25.5 billion in June

[The Trump administration’s “tariff rollback” will cause huge losses! Loss of $25.5 billion in June] June is the second full month since the U.S. Supreme Court overturned most of President Trump’s tariff measures and the U.S. government officially opened the “tax refund process.” It is reported that the U.S. Treasury Department refunded nearly $49.1 billion in tariff revenue to importers that month, resulting in a "tariff loss" of $25.5 billion that month.

June is the second full month since the U.S. Supreme Court overturned most of President Trump’s tariff measures and the U.S. government officially opened the “tax refund process.” It is reported that the U.S. Treasury Department refunded nearly $49.1 billion in tariff revenue to importers that month, resulting in a "tariff loss" of $25.5 billion that month. As background, on February 20 this year, the U.S. Supreme Court ruled that U.S. President Trump’s implementation of global tariffs in accordance with the International Emergency Economic Powers Act (IEEPA, a 1977 law designed to be used in national emergencies) was ultra vires. Subsequently, a U.S. Court of International Trade judge ruled on March 4, requiring the U.S. Customs and Border Protection (CBP) not to impose tariffs in accordance with the International Emergency Economic Powers Act during tariff settlements, and to refund up to $170 billion in tariffs (plus interest) to approximately 330,000 importers. Relevant tariff refund work was officially launched on April 20. According to the latest statement released by the U.S. Treasury Department, The amount of tariff refunds in June easily exceeded the $23.6 billion in tariff revenue collected during the same period. The latest data shows that the situation is sharply "worsening" compared with May's results. In May, the tariff refund process officially started (a full month), but the tax refund and revenue figures for both sides were similar, about $21.9 billion. The net loss in May totaled $42 million - just a rounding error in the government's finances. But the figures for June are hard to ignore, with losses as high as approximately US$25.5 billion. And the outlook for tariff revenue may not be clear for months to come. This summer, the Trump administration has been expanding government The list of eligible customs duty refund situations means that more companies will be able to apply for tax refunds in the coming months. The above data also represents Trump's seventh consecutive month of decline in tariff revenue, and even a huge loss. Data show that monthly tariff revenue peaked at $31.35 billion in October last year, and has mostly been on a downward trend in the following months. And, in recent months, Trump has also cut tariff revenue by creating exemptions in response to price pressures felt by Americans. Recent examples include new exemptions for Moroccan fertilizers and reduced tariffs on farm equipment. As a result, customs revenue has been declining for several months, even excluding rebates. Overall, the U.S. Treasury Department's monthly report showed that the U.S. budget deficit totaled $1.4 trillion from October 2025 to June this year (the first nine months of this fiscal year). The nonpartisan Committee for a Responsible Federal Budget (CRFB) noted that this deficit exceeds the deficit for all of fiscal 2025. The agency said the U.S. full-year deficit is expected to exceed $2 trillion. It is reported that these huge deficits, which reached US$120 billion in June alone, further undermined Trump's earlier promise that tariffs would quickly balance the budget. In fiscal year 2025, tariff revenue made a significant contribution to the state coffers, helping to achieve the smallest fiscal deficit in three years. U.S. Treasury Secretary Bessent previously said that tariff measures implemented under other legal authorizations are expected to bring similar revenue to the government in 2026, although some of these measures are not yet fully in place. (

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