Washington: The US government may be obligated to refund over 5 trillion baht in tariffs previously collected, following a Supreme Court decision. Economists have estimated that the amount could exceed $175 billion, linked to tariffs imposed on imports that were recently overturned.
According to Thai News Agency, the Penn-Wharton Budget Model (PWBM) from the University of Pennsylvania utilized a formula to estimate these figures. The tariffs in question were imposed by former President Donald Trump on around 11,000 categories of imported goods from 233 countries. This included tariffs under the International Emergency Economic Powers Act (IEEPA) of 1977. The US Customs and Border Protection (CBP) reported that tariffs collected up until December 14, 2025, would total approximately $133.5 billion (or about 4.15 trillion baht) since the IEEPA's implementation.
Economists at PWBM noted that the Supreme Court's 6-3 ruling on April 2, 2025, overturned these tariffs but did not specifically address refunds for the taxes already collected. The matter has been referred back to the International Trade Court to determine the subsequent actions. This situation potentially allows importing companies to pursue legal action for tax refunds, which are anticipated to be managed by the Treasury Department. US Treasury Secretary Scott Basen mentioned in January that the Department is prepared to repay the taxes, having already developed borrowing plans.