CBP will establish a tariff refund process in 45 days, allowing importers to reclaim funds without litigation, following a Supreme Court ruling.
US Customs and Border Protection (CBP) will take 45 days to set up a process for importers to receive refunds on tariffs imposed under the International Emergency Economic Powers Act, reports London's S&P Global.
CBP stated that importers will not need to sue for relief, and the new system will require minimal submissions. The agency indicated that system validations would ensure accurate refund calculations and allow time to resolve discrepancies.
The US Court of International Trade ordered CBP to refund an estimated US$166 billion in tariffs after the Supreme Court ruled that President Donald Trump lacked the authority to impose them. Refunds will include interest, with costs rising by US$23 million daily until payments are made, according to the CATO Institute.
CBP noted that a manual review would have taken more than 4 million hours, making automation essential. The process will spare hundreds of thousands of small businesses from litigation, as stated by the US Chamber of Commerce. More than 2,000 importers have already filed lawsuits since the February ruling.
Refunds will be issued as single payments regardless of shipment numbers. CBP estimates that more than 330,000 importers are eligible for refunds covering 53 million customs entries.
