economy
What to know about CBP launching portal for tariff refunds
Customs and Border Protection is preparing to launch a new online portal to process what could amount to as much as $175 billion in tariff refunds to businesses after the tariffs were deemed illegal.
TL;DR
- CBP is launching a new online portal on April 20th for tariff refunds.
- The portal will process up to $175 billion in refunds for tariffs deemed illegal.
- Tariffs were imposed under the International Emergency Economic Powers Act by the Trump administration.
- A Supreme Court ruling allowed a lower court decision to stand, finding the administration exceeded its authority.
- Importers or their brokers can file claims through the Consolidated Administration and Processing of Entries portal.
- Documentation of tariff payments for specific import entries will be required.
- The system aims to automatically verify claims and issue consolidated payments from the Treasury Department.
- Refunds are primarily for importers who directly paid the tariffs.
- Valid claims are expected to be refunded within 90 days of approval.