How will companies get refunds now that the U.S. Supreme Court has rejected Trump’s tariffs?
BNN Bloomberg
The U.S. Supreme Court did not say how the government should refund the illegal tariffs, worth an estimated US$175 billion.
For nearly all goods subject to tariffs, an importer posts a bond with the U.S. Customs and Border Protection agency and pays an estimated tariff on the merchandise to bring it into the United States.
The government makes a final determination of the tariffs on those goods, a process known as liquidation, which usually happens 314 days after entry of the goods. Excess payments are refunded or the importer must cover the shortfall. Importers filed suit at the U.S. Court of International Trade to try to stop the process of determining final tariff payments while the U.S. Supreme Court was considering the case, but that court denied the request.
No. In a dissenting opinion, Justice Brett Kavanaugh said the court’s ruling was likely to generate serious practical consequences in the near term, including refunds. He noted it was acknowledged at oral arguments that distributing refunds was likely going to be “a mess.”
The case will now go back to the Court of International Trade to sort through the refunds.
More than 1,000 lawsuits have been filed by importers in the trade court seeking refunds, and a flood of new cases is likely.
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