Trump Ordered to Pay $130B in Tariff Refunds

0:00This is Cory with Entertainment and Celebrity News today, powered by the Daily News now. A federal judge has ordered President Donald Trump to pay more than $130 billion in tariff refunds to thousands of American businesses. The ruling sides with over 2,000 companies, like Costco and FedEx, who sued over tariffs imposed earlier this year. Judge Richard Eden found those tariffs illegal. Earlier this week, Trump's Treasury Secretary mentioned plans for new tariffs up to 15 percent under a 1974 trade law. That move aims to tackle trade deficits, but for only up to 150 days. Several states are now challenging whether the president has the authority to do that. Businesses are celebrating the win, as it promises big relief after months of higher costs. The European Union paused the key trade deal with the US, waiting for clear explanations on the tariffs. Meanwhile, the Supreme Court backed the illegality of the original tariffs last month. Trump's team has quietly started rolling backs and tariffs on medals to ease

1:02affordability issues. This comes right before midterm elections, adding political pressure. Officials say the refunds could still take years to process fully. For now, the focus stays on how the administration handles these court orders and any fresh trade fights. Businesses hope for quick compliance, but details on payments remain unclear. The Daily News now is presented by our sponsor. No earbuds, no headbands, no awkward sleeping positions, just a pillow that plays your sound.