Trump administration begins accepting refunds on over $166bn in tariffs
Summary
The Trump administration has started taking refund claims from businesses for over $166 billion in tariffs after the Supreme Court ruled the tariffs were illegal. A new online system called Cape will handle most claims, but some companies involved in legal disputes must wait.Key Facts
- The Supreme Court ruled that President Trump did not have legal authority to impose these tariffs.
- The tariff refunds total more than $166 billion.
- Over 3,000 companies, including Skechers, Toyota, and Costco, have sued for refunds.
- Only companies that directly paid the tariffs, such as importers and large firms, can claim refunds.
- The online system, Cape, can process about 63% of affected tariff claims now.
- Some claims involving legal or customs issues cannot be processed yet.
- Businesses may wait 60 to 90 days from submitting forms to receive refunds.
- Some companies, like FedEx, plan to pass refunds back to customers through lower prices.
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