US importers can begin seeking refunds for nullified tariffs on Monday

Key Points:

• The U.S. Customs and Border Protection (CBP) is launching an online refund system for businesses to claim tariffs paid under President Trump's administration, which the Supreme Court ruled were imposed without constitutional authority.
• Importers must submit detailed declarations of goods for refund approval, with the process expected to take 60-90 days after claim approval; the system will prioritize more recent tariff payments and may experience delays.
• Over 330,000 importers paid about $166 billion in tariffs, but the initial refund phase only covers certain cases, with 56,497 importers registered so far and eligible for refunds totaling $127 billion including interest.
• Companies are advised to ensure accuracy in their refund declarations to avoid rejections, as the process involves complex documentation and potential technical issues with the new online portal.
• While refunds go directly to businesses, some may pass savings to consumers, and ongoing class-action lawsuits seek consumer reimbursement; delivery firms like FedEx plan to refund tariffs collected directly from customers.