Trump Tariff Refunds: What's Next for Businesses?

The US Customs and Border Protection is launching a refund system for businesses affected by tariffs imposed by former President Trump, following a Supreme Court ruling that deemed them unconstitutional. Importers can claim refunds starting Monday, although the process is complex and phased, potentially delaying reimbursements.

The US Customs and Border Protection is set to initiate a refund system for businesses that paid tariffs imposed by former President Donald Trump's administration. This development follows a Supreme Court ruling declaring those tariffs unconstitutional.

Starting Monday at 8 am, importers and brokers can begin filing for refunds through an online portal. This marks the initial phase of what is expected to be a complex and protracted process that might eventually extend to consumer refunds.

To qualify for refunds, companies must submit documentation of goods subject to the overturned tariffs. Once approved, it could take 60 to 90 days for disbursement. The agency aims to prioritize more recent payments in its phased refund rollout, though various technical and procedural hurdles could slow down the reimbursement timeline.

(With inputs from agencies.)