U.S. Customs Agency Processes $35.46 Billion in Tariff Refunds

The U.S. Customs and Border Protection agency has processed refunds amounting to $35.46 billion, including interest, for tariffs that were deemed illegal by a court ruling. These tariffs were initially imposed by former President Donald Trump. The court filing revealed this development on May 11.

By that date, the agency had received 126,237 refund applications, but only validated 86,874 of those, corresponding to 15.1 million entries. Out of these, 8.3 million shipments have seen their refunds finalized, based on a statement from CBP official Brandon Lord, filed with the U.S. Court of International Trade.

The refunds arrive as a significant boost for major importers like car manufacturers and Under Armour. It follows a Supreme Court ruling that found Trump's use of the International Emergency Economic Powers Act to impose tariffs exceeded presidential authority. While Trump has responded with a temporary global 10% tariff, the trade court recently ruled these measures illegal as well, though the scope was limited.

(With inputs from agencies.)