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Tariff Refund Portal Opens: Businesses Claim Back Billions
Description
U.S. Customs and Border Protection launches an online portal for businesses to claim refunds on tariffs paid under President Trumps emergency powers, following a Supreme Court ruling. The process involves submitting declarations on goods hit by duties, with approvals taking 60-90 days and refunds rolled out in phases. Businesses, including small ones like a Minnesota cigar shop, are registered for up to $127 billion, but face cash flow issues due to potential delays. Experts warn of potential glitches in the system and stress the importance of double-checking document numbers. Consumers may see some cash back through lawsuits or directly from shippers like FedEx, who plan to file claims and pass refunds along.
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