Over $170 billion is owed to importers following the Supreme Court’s decision that struck down President Trump’s country-specific tariffs, but claiming those funds won’t be easy.
US Customs and Border Protection has processes for issuing refunds or collecting additional funds if an importer is underpaid, but the agency has never handled refunds on this scale. McCarter & English partner Zack Hadzismajlovic told S&P Global that if the US Customs portal can handle the volume of requests, it would be the most efficient way of returning funds to importers.