Trump tariff refunds begin but consumers likely to miss out
Summary
The US government has started refunding billions of dollars in tariffs that the Supreme Court ruled were wrongly charged under President Donald Trump’s policies. These refunds are being given to companies that paid the tariffs, but most individual consumers, who faced higher prices because of the tariffs, are not expected to get any direct compensation.Key Facts
- The Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) by President Trump.
- Over $160 billion in tariffs collected must be refunded to about 330,000 importers.
- Companies can apply for refunds through an online system called Cape, which opened recently.
- More than 56,000 importers have applied, claiming around $127 billion so far.
- Refunds, including interest, are expected to be paid within 60 to 90 days after approval.
- Individual consumers who paid higher prices due to tariffs generally cannot claim refunds directly.
- Some businesses may choose to share their refunds with consumers, but few have promised to do so.
- Several class action lawsuits have been filed against companies such as Costco, Ray-Ban’s parent company, and FedEx, demanding that tariff refunds be passed on to consumers.
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