WASHINGTON — The U.S. economy is gaining significant momentum following the return of more than $100 billion in tariff payments to American businesses, a development boosting corporate balance sheets and pushing GDP growth projections to 4.3% for the third quarter.

The refunds stem from tariffs collected under the International Emergency Economic Powers Act, which was struck down by the Supreme Court in February. Apollo Chief Economist Torsten Slok now estimates the returned capital will contribute roughly 0.2 percentage points to the quarter’s growth, a sharp acceleration from the 1.5% gain recorded in the prior quarter.

"Not only are tariff refunds boosting corporate earnings, they are also boosting GDP growth," Slok stated. "The bottom line is that the U.S. economy continues to be supported by a growing set of tailwinds."

Major domestic manufacturers and logistics firms are among the primary beneficiaries. A Wall Street Journal tally shows 40 S&P 500 companies have recorded $9.6 billion in refunds, with major American employers like General Motors and supply-chain operators receiving substantial returns. The funds are being channeled back into the domestic economy, with firms leveraging the liquidity to fund technology infrastructure investments and stabilize supply-chain costs.

Slok dismissed the July jobs report, which showed a headline loss, as an anomaly driven by seasonal adjustments in government and hospitality payrolls. Excluding those sectors, the economy added 70,000 jobs, aligning with market consensus.

"The market is underestimating how strong growth is right now," Slok added, forecasting that interest rates will remain elevated as a result of sustained economic performance. "As a result, rates will stay higher for longer."

The economic acceleration aligns with the broader policy push for reshoring manufacturing and prioritizing domestic industry. The convergence of returned capital, ongoing tax reductions, and private-sector AI investment marks a departure from the low-growth environment critics previously attributed to globalist trade structures.