The U.S. Customs and Border Protection (CBP) on Monday started the refund process of around $166 billion tariff payments collected from importers under the emergency tariffs imposed by President Donald Trump that were struck down by the Supreme Court.
Under the
phase I of refund, companies must file detailed declarations listing shipments and tariff payments through the new CAPE (Consolidated Administration and Processing of Entries) system. CBP started accepting claims from Monday and the refunds are expected to be issued within 60 to 90 days.