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The U.S. Supreme Court ruled that President Trump's tariffs implemented under the International Emergency Economic Powers Act (IEPA) were illegal.
As much as $166 billion in tariff refunds are available to U.S. importers following the Supreme Court's decision to strike down President Trump's IEPA tariffs.
Donald Trump claimed his administration collected $467 billion in tariffs from China.
UPS processed 16 million entries related to IEPA duties and remitted over $5 billion to the U.S. Treasury on behalf of its customers.
The Section 122 tariff, a 10% levy implemented as a temporary replacement for the illegal IEPA tariffs, is set to expire in July.
The U.S. Court of International Trade is overseeing the process of refunding the $166 billion in duties paid under the illegal IEPA tariffs.
On April 20th, the Bureau of Customs and Border Protection launched a web portal to allow importers to submit refund requests for tariffs paid under the IEPA.
In its first week of operation, the CAPE system reviewed 13.3 million import entries and denied approximately 2 million refund requests.
Customs and Border Protection expects to issue the first tariff refunds on May 11th.
Some U.S. importers are concerned about political retaliation from President Trump if they apply for tariff refunds.
The Trump administration has not yet appealed the Court of International Trade's decision mandating tariff refunds, though some experts believe it still will.
Companies including Apple and Amazon are reportedly not seeking refunds for the tariffs they paid.