The tariff refund process is finally kicking off | CNN Business
Tariff refunds are finally happening. Well, sort of. Exactly two months after the Supreme Court struck down President Donald Trumpâs most sweeping tariffs, American importers, who are owed $166 billion in refunds plus interest, can begin applying for reimbursement Monday through a new US Customs and Border Protection portal. CBP estimates that refunds will be issued within 60 to 90 days after approval, but it could take longer depending on whether additional reviews of entries are merited. The program, called the Consolidated Administration and Processing of Entries (CAPE), âis designed to consolidate refunds of IEEPA duties including interest rather than processing refunds on an entry-by-entry basis,â CBP said in a prior notice. (IEEPA refers to the International Emergency Economic Powers Act, the law Trump had relied on to impose now-extinct tariffs.) Only parties known formally as importers of record who made tariff payments or authorized customs brokers who act on their behalf can file for tariff refunds. However, not all tariff payments will be eligible to apply for reimbursement on Monday, which marks the start of multiple phases for the rollout of the program. For the
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