US to refund billions in unlawful tariffs to companies

US companies will be able to claim refunds of $166 billion in customs duties deemed unlawful by the Supreme Court within 45 days, a spokesperson for the US Customs and Border Protection, Brandon Laird, said.

The simplified refund system is nearing completion, with readiness estimated between 60% and 85%, Caliber.Az reports, citing Reuters.

Applications will be processed in stages, prioritising declarations from the last 80 days that are marked “suspended,” “extended,” or “under review.” So far, more than 26,000 importers have registered for electronic refunds, which currently total around $120 billion.

On 20 February, the US Supreme Court ruled that the tariffs imposed under former President Donald Trump exceeded his authority.

In response, 10% duties were applied to imports from all countries, with the possibility of increasing them to 15%. These measures are set to remain in place until July 24.

By Bakhtiyar Abbasov