What would it mean to actually refund the tariffs?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 2 December 2025

⏱️ 9 minutes

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Summary

Tariffs are bringing in some serious cash into the US Treasury’s pocket. The problem with that money is that it may need to be refunded. A case in front of the Supreme Court could declare several of Trump’s tariffs illegal, which would prompt a return of billions of dollars. Today on the show, we look at how that would work and why the process will likely not be easy.

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Transcript

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0:00.0	Hey there, it's Stephen Besaha with a quick message.
0:03.6	On this Giving Tuesday, we want to shout out an indicator listener and recent NPR donor, Christine from California.
0:10.7	Christine says she loves Planet Money in the Indicator and writes,
0:14.5	The content is so creative, honest, and reliable.
0:18.0	Christine, you are going to make us blush.
0:20.0	Thank you so much.
0:21.2	And anyone else who's donated this year, it really means a lot.
0:25.1	Especially because as of October 1st, NPR is operating without federal funding.
0:30.3	It is a big challenge, but when we can take on together, we know you value the indicator
0:35.7	in our bite-sized episodes explaining what's going on
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0:50.9	perks to over 25 of NPR's podcasts. Just head to plus.npr.org.
0:56.5	Thanks again, and now, on to the show.
1:00.7	NPR.
1:01.4	NPR.
1:07.0	This is the indicator from Planet Money.
1:13.5	I'm Terry and Woods.
1:14.7	And I'm Stephen Besaha.
1:16.4	Tariffs are burning a hole in the U.S. Treasury's pocket.
1:19.9	They brought in nearly $200 billion this past fiscal year, which wrapped up in September.
1:25.7	And the Trump administration has put out different
	...

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