US has finalized tariff refunds of $35.5 billion as of May 11

May 12 (Reuters) - The U.S. ‌customs agency ​has ​processed refunds including interest worth $35.46 billion as of May 11 for tariffs imposed by President Donald Trump last ‌year that were deemed illegal, according to a Tuesday ⁠court filing.

• As of 7 a.m. ET on May 11, the U.S. Customs ‌and Border Protection had received ‌126,237 applications for refunds covering an undisclosed number of shipments or entries, according to the court filing.

• The agency said ​it had validated 86,874 of those applications covering 15.1 million entries which were eligible for refunds. Of that total, 8.3 ⁠million shipments have been finalized and the expected refund with interest had been calculated, ​totalling $35.46 billion, according to a declaration from Brandon Lord, a CBP official, that was filed with the U.S. ​Court of International Trade in New ‌York.

• The tariff refund report comes as major importers from carmakers to sportswear company Under Armour have ⁠said they expect a profit boost from tariff reimbursements.

• Up to $166 billion of CBP collections from Trump's tariffs imposed under the International Emergency Economic ⁠Powers Act or IEEPA are subject to CBP refunds. The Supreme Court ​ruled in February that Trump overstepped his authority in using the 1977 sanctions law to impose tariffs.

• After the Supreme Court ruling, Trump imposed a ‌temporary global 10% tariff. Those levies were deemed illegal by the trade court last week, although ‌the ruling was narrowly applied to two small businesses and the ⁠state of Washington, which were ‌the plaintiffs in the ​legal challenge. The Trump administration has appealed that ruling.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by ‌Daniel Wallis)

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