Tariff Refunds | US Officially Launches Tariff Refund Process, Expected to Involve Over $1 Trillion; Thousands of Companies Have Already Submitted Applications
On February 20th, the US Supreme Court ruled that President Trump’s global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unconstitutional. To comply with the ruling, US Customs and Border Protection (CBP) officially launched the first phase of tariff refunds on Monday (February 20th), reportedly involving over $166 billion (approximately HK$1.3 trillion). Thousands of companies have already submitted applications.
According to Reuters, the online application system “CAPE” (Consolidated Administration and Processing of Entries), jointly established by Customs and CBP, saw a surge in applications on its first day of operation, running smoothly without significant downtime.
CBP stated that importers or their authorized customs brokers can apply for tariff refunds through the “CAPE system” starting February 20th (US time). The authorities will consolidate tariff refunds and interest for different batches from the same importer, with funds expected to be received within 60 to 90 days after approval.
The CEO of toy manufacturer Basic Fun stated that the companies began uploading invoices after the system went live, and is currently more than halfway complete. The overall process is going smoothly, but if too much information is submitted at once, the system may still fail, so it is recommended to process it in batches.
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