U.S. CLEARS TARIFF REFUNDS OF $35.46 BILLION – Some consumers are filing class action lawsuits to force paybacks of the pass through cost
U.S. Customs and Border Protection (CBP) has processed 35.46 billion U.S. dollars’ worth of tariff refunds and associated interest, according to a court filing with the U.S. Court of International Trade released.
As of Monday, the CBP had received 126,237 applications for refunds of tariffs imposed by U.S. President Donald Trump last year under the International Emergency Economic Powers Act (IEEPA), and had validated 86,874 of them, according to the court filing.
In February, the U.S. Supreme Court estimated that up to 166 billion dollars of CBP collections from Trump’s tariffs imposed under IEEPA are subject to refunds.
Soon after the Supreme Court ruling, Trump imposed a temporary global 10-percent tariff under the Trade Act of 1974, which was struck down by the Court of International Trade again on May 7.
With tariff refunds now in process, some consumers are filing class action lawsuits to force paybacks of the pass-through costs to them, according to reports.
