economy
Plan emerges for $166 billion in tariff refunds. But don’t hold your breath
A system to process at least $166 billion in tariff refunds could be up and running in 45 days. That’s the alternative to a manual process that could take 4 million hours, according to a senior US Customs and Border Protection executive.
TL;DR
- A new automated system for processing at least $166 billion in tariff refunds could be ready in 45 days.
- This system offers an alternative to a manual process estimated to take 4 million hours.
- The Supreme Court recently struck down the bulk of global tariffs enacted by President Donald Trump.
- A Court of International Trade judge ordered CBP to process an unprecedented volume of refunds.
- The new system will require importers to file declarations of previously paid duties, which CBP will verify.
- There is currently no estimated timeline for when importers will receive their refunds.
- Previous statements from the Trump administration suggested a lengthy, potentially five-year, refund process.