US Refunds $100B in Tariffs as Trump Slams 'Nasty' Canada Leadership

The United States government has refunded around US$100 billion in tariffs to importers since the U.S. Supreme Court struck down President Donald Trump's tariff scheme in February, according to documents released on Tuesday.

The Trump administration collected approximately US$166 billion after invoking the International Emergency Economic Powers Act. This move comes as a response to the court's decision, which deemed the tariffs unconstitutional.

In a speech in Las Vegas Wednesday night, President Trump stated that the U.S. was 'screwed by tariffs' by Canada and other countries, adding that Canada was 'nasty' and had 'nasty leadership'. The U.S. refused to renew the Canada-U.S.-Mexico Agreement on July 1.

A Reuters poll of 34 foreign exchange analysts predicts that the Canadian dollar will remain rangebound until next year before making gains. Analysts expect the loonie to stay at around 71.43 US cents in three months and move up to 73.21 in 12 months, driven by factors such as AI enthusiasm, the Middle East war, U.S. tariffs, and interest rate differentials between Canada and the U.S.