Feds Make Big Strides on $166B Tariff Refund System
Source: bizjournals.com
- U.S. Customs and Border Protection shows 40% to 80% progress on its four-step refund process for illegal Trump tariffs.
- The system will handle refunds of about $166 billion paid by over 330,000 importers on 53 million shipments.
- Only 21,423 importers have registered so far in the electronic system launched in early February.
U.S. Customs and Border Protection updates a court on building a new refund system after the Supreme Court ruled former President Trump's tariffs illegal. This follows a federal judge's order to stop collecting the duties and process refunds with interest. It affects importers nationwide, including Colorado businesses hit hard by higher costs.