Trump tariff refunds to start rolling out today - here's who's eligible
The Mirror US • • business
Key Points:
- Following the Supreme Court's ruling invalidating President Trump's tariffs under the 1977 IEEPA, U.S. Customs and Border Protection (CBP) will begin issuing tariff refunds to companies as early as Tuesday, May 12.
- Over 126,000 refund applications have been received, with 86,874 approved covering 15.1 million entries and an expected refund amount of $35.46 billion including interest.
- Approximately 300,000 importers, including major retailers like Walmart, Target, Nike, and Home Depot, are eligible to receive consolidated refunds through the CBP's new CAPE portal, though U.S. consumers will not receive direct refunds.
- Some companies, such as Cards Against Humanity, Costco, and FedEx, have pledged to pass tariff refunds onto customers, while consumers have also filed class-action lawsuits seeking to recover costs from tariff-related price increases.
- CBP estimates refunds will be issued within 60 to 90 days after approval, but delays may occur due to application errors, missing information, or processing backlogs.