Trump admin processing $35.5 billion in tariff refunds so far

Investing.com -- The Trump administration is processing over $35.5 billion in tariff refunds to importers following a Supreme Court ruling that deemed the president's tariff policy unlawful, according to a court filing Tuesday.

The payments are being handled through a government online portal and will include interest on duties paid across more than 8 million import entries, said Brandon Lord, executive director of trade programs for the Customs and Border Protection's Office of Trade.

As of Monday, the tool handling claims on the $166 billion in overturned duties had validated nearly 87,000 declarations, allowing the Treasury Department to issue payments to those importers. About 126,000 declarations had been received since the Consolidated Administration and Processing of Entries, or CAPE, launched on April 20, Lord said.

The refund process began after the Supreme Court ruled on Feb. 20 that President Donald Trump unlawfully used the International Emergency Economic Powers Act, or IEEPA, to impose tariffs on imported goods. The court's 6-3 decision did not address refunds, leaving lower courts to resolve the matter.

More than 8.3 million accepted entries have been reprocessed to remove IEEPA duties. The filing noted that 1,880 consolidated refunds have not been sent to Treasury because importers had not provided bank account information.

CBP stated in earlier filings that the first phase cannot accept claims for more than a third of the import entries involved. The remaining entries involve more complicated circumstances, and Customs officials have not specified a timeline for additional phases of the refund program.

Payments for some of the first refund requests reached importers early last week, earlier than anticipated.

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