Trump tariffs cost U.S. businesses over $8 billion in March

New Census Bureau data released today shows American businesses paid more than $8 billion dollars in Section 122 Tariffs in March. 

It marked the first full month of the Trump administration’s strategy to replace the International Emergency Economic Powers Act (IEEPA) tariffs the Supreme Court struck down as unconstitutional. 

The data also reveals that the total presidential tariffs since March 2025 have reached $283 billion, including the $166 billion collected under IEEPA before the Supreme Court’s ruling. Many of the refunds reaching businesses will go to past (IEEPA-related) debts or set aside for future tariffs.

Pennsylvania businesses and the “We Pay the Tariffs”  coalition reported that more than $4.5 billion in accumulated “illegal” tariffs had been paid as of early this year.

“There has been little relief from the onslaught of tariff costs for small businesses,” We Pay the Tariffs Executive Director Dan Anthony said in a statement. “IEEPA refunds should start soon, but Section 122 costs are adding up, and small businesses are bracing for new Section 301 and 232 tariffs that could be locked in for years.”

Compiled by Trade Partnership Worldwide, the data also provides a state-by-state breakdown of tariff costs imposed on businesses under all relevant authorities, including the new Section 122 surcharge, the IEEPA tariffs ruled unlawful by the Supreme Court, Section 232, and Section 301.

Section 122 tariffs took effect on February 24, four days after the Supreme Court’s IEEPA ruling. They impose a 10% tariff on imports from virtually every country and are scheduled to expire on July 24. The administration has signaled it will use the 150-day Section 122 window to impose new Section 301 and 232 tariffs that could serve as a permanent replacement for IEEPA.

Tariff costs continue to fall on businesses in every state and across the political spectrum.

CBP’s CAPE refund portal launched on April 20, and refunds of the $166 billion in unlawfully collected IEEPA tariffs could be reaching businesses soon. Still, many “We Pay the Tariffs” coalition members report the dollars will be used to pay off IEEPA-related debts – or set aside to cover future tariffs – reducing the positive impact such refunds could have for companies, workers, and the American public.