The US government has collected tens of billions of dollars from the “reciprocal tariffs” introduced by President Donald Trump.
However, the massive collection could potentially be returned if the Supreme Court upholds a ruling that most of the levies on imports are illegal.
US Treasury Secretary Scott Bessent warned in a filing with the Supreme Court last week that the total refund could reach between $750 billion and $1 trillion.
The figure includes more than $72 billion in tariffs that US Customs and Border Protection has collected as of August 24, since President Trump’s “Liberation Day” announcement.
He added that the amount at risk also includes tariff collections expected to be made by next June.
The Trump administration has asked the Supreme Court to expedite its decision on whether the tariffs are legal, rather than waiting until next summer, which is the usual timeframe for such decisions.
According to Bessent, the sooner a decision is made, the less the government might have to pay back if a court finds the tariffs illegal.
Two lower courts have previously ruled that Trump exceeded presidential authority when he used the International Emergency Economic Powers Act to impose steep levies on nearly all of the US's trading partners.
Last week, the Trump administration urged the Supreme Court to immediately overturn the decision.
