U.S. Customs and Border Protection (CBP) has nearly completed a system to refund $127 billion in tariffs. But other new tariffs are expected by summer, according to Barron’s.
The CBP is due to launch a claim portal for importers seeking tariff refunds next week on April 20. Most importers will be able to use the portal, said Barron’s. About 82 percent of the tariffs paid under the International Emergency Economic Powers Act, (IEEPA) are eligible for electronic refunds.
The Supreme Court ruled in February that the broad IEEPA tariffs were illegal. Still certain specific tariffs remain within the president’s authority. These include tariffs due to unfair trade practices and national security.
Treasury Secretary Scott Bessent said on Thursday that such new tariffs could be imposed in July and they would approach the previous IEEPA levels. However, consumer anxiety over inflation may lead to a postponement, said Barron’s.
Suppliers may check on the CBP website here to see if they are eligible for a refund.
According to Time Magazine, importers or customs brokers must submit their bank account information and other information.
See more at Barron’s (subscription may be required).
All this is great.
But is the $ refunded going to flow from said Vendor to the distributor or retailor ?
Crazy times we live in………….
Only if you then refund it to the end-customer….. lol
So the importers will get refunds, and the consumers that paid higher prices on products because of tariffs will get nothing, if I’m understanding this correctly. Nice windfall for importers I guess.