Charted: $134B in U.S. Tariff Refunds vs. $119B Collected Since May

From May to September 2026, the U.S. government paid back more in customs duties than it took in, in total. Refunds totaled $134 billion over those five months, while gross collections were $119 billion, leaving net customs revenue at minus $15 billion. Refunds exceeded collections in May, June and July; August and September were net positive.

This graphic, created by Artur Baranovsky, uses Treasury's final Monthly Treasury Statement for fiscal year 2026, released on Oct. 16, to show monthly duties collected, refunds paid, and the net result since October 2023.

Key Takeaways

Refunds reached $144.6 billion in fiscal 2026, up from $7.5 billion the year before.
June was the low point: $49 billion refunded against $24 billion collected, for net revenue of minus $25.6 billion.
Gross duties still rose 57% to $317.8 billion, but net revenue fell 11% to $173.2 billion.

What Triggered the Refunds

On Feb. 20, 2026, the Supreme Court ruled 6–3 that the International Emergency Economic Powers Act (IEEPA) does not authorize tariffs. The decision covered the "reciprocal" and fentanyl-related duties. Large refunds to importers began showing up in Treasury data in May. The Penn Wharton Budget Model had estimated that reversing the IEEPA tariffs could generate up to $175 billion in refunds; Treasury does not report how much of its $134 billion went to IEEPA duties specifically.

Collections Did Not Stop

Tariffs imposed under other laws, including Section 232 and Section 301 duties, are still being collected. Gross receipts have ranged from $21.9 billion to $25.3 billion a month since April, roughly three times their level before 2025. Net revenue turned positive again in August.