What to know about tariff refund site that's set to go live Monday
Summary
U.S. businesses that paid tariffs ruled illegal by the Supreme Court can start applying for refunds using a new online portal. The government is launching a system to handle these refund requests, which could take 60 to 90 days to process but may take longer if issues arise.Key Facts
- The Supreme Court ruled some tariffs illegal, requiring the government to refund importers.
- The U.S. Customs and Border Protection (CBP) is launching the CAPE portal through the ACE system to handle refund claims.
- Importers or authorized customs brokers must register on the portal and submit bank details to get refunds.
- About 330,000 importers paid tariffs estimated at $166 billion as of early March.
- Only about 56,500 importers had enrolled for electronic payment by early April, a required step for refunds.
- The first phase of refunds applies only to certain entries that are unliquidated or liquidated within 80 days.
- Some companies, like FedEx and Costco, have promised to compensate customers affected by tariffs.
- Legal challenges remain, including ongoing lawsuits and possible appeals by the administration.
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