- A tariffs refund portal, designed to refund businesses for tariffs imposed by the Trump administration, launched Monday.
- Importers and their brokers can submit claims via an online portal from 8 a.m., with US Customs and Border Protection expecting to issue refunds within 60 to 90 days if approved.
- The refunds come after the Supreme Court ruled in February that the tariffs, set on products from various countries, usurped Congress's tax-setting authority, with a judge later determining companies were entitled to refunds.
- CBP stated that over 330,000 importers paid approximately $166 billion on more than 53 million shipments, though not all orders qualify for the initial phase of the refund system.
- While businesses are not obligated to pass refunds to consumers, class-action lawsuits are underway, and delivery companies like FedEx and UPS have indicated they will return tariff refunds to customers.
IN FULL