A split ruling from the Court of International Trade on Thursday delivered President Trump another setback in his tariff agenda and could provide some businesses with a tariff holiday of sorts between now and the summer if the ruling stands up.

Donald Trump's tariff refunds are rolling out to businesses, but economists say shoppers shouldn't expect lower prices soon as companies hold onto the savings.

The first wave of tariff refunds is expected to be issued electronically starting on May 12, just under three months after the Supreme Court invalidated the cornerstone of President Trump’s trade agenda.

After the Supreme Court struck down most of President Trump's tariffs, Richard Brown began lining up the paperwork he needed to get his refund. Experts say many businesses may never get their money back.

The Trump administration has begun paying out refunds for the $166 billion in global tariffs that the US Supreme Court declared unlawful earlier this year.

U.S. importers who paid tariffs the Supreme Court ruled illegal are nearing refunds, but shoppers who paid higher prices likely won’t see one.

U.S. Customs and Border Protection was initially expected to start issuing refunds on May 11, but the timeline has now been delayed by a day without any explanation. The agency launched the Consolidated Administration and Processing

Importers haven’t crossed the finish line yet when it comes to getting their money back—nor have they escaped the potential burden of hefty new tariffs on dozens of United States trading partners.

Q1 2026 Management View CEO Jose Daes said demand remained “favorable,” adding that “our backlog is at a record level and order activity across both our commercial and single-family residential businesses continues to build momentum.