For the first time in months, the US government took in more tariff revenue than it paid out in refunds, as the $166 billion tariff refund process appears to be winding down.
The data released Friday in the Treasury Department's statement showed that the US paid out $10.5 billion in tariff refunds in August while taking in $23.3 billion, the first net positive reading since April.
It was another sizable drop in the refund side of the ledger after July tariff refunds totaled $33.4 billion and June figures came in at $49.1 billion.
Approximately $166 billion in total duties, plus interest, were ordered refunded by courts earlier this year following the Supreme Court's Feb. 20 decision striking down the wide-ranging tariffs President Trump imposed under the 1977 International Emergency Economic Powers Act (IEEPA).
A government-run tariff refund portal opened in late April, and the government has now paid out about $115 billion in total tariff refunds since May, with the lion's share going to repay unlawful IEEPA duties.