US Court of International Trade ruling clears the way for tariff refunds

New York City (ANTARA) – A judge at the United States Court of International Trade, based in New York, on Wednesday (4/3) ordered the Customs and Border Protection (CBP) to return funds collected on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Local media reported that the ruling clarifies the tariff refund process and could accelerate reimbursements for thousands of companies that have paid IEEPA tariffs in the past year. More than 2,000 lawsuits currently pending in the court will be resolved through this order. The federal government confirmed in separate court documents on Wednesday that it will pay interest on the refunds. According to Penn Wharton Budget Model estimates, the government has collected more than $130 billion in tariffs by mid-December and will likely refund about $175 billion eventually. In a 6-3 decision on February 20, the Supreme Court ruled that IEEPA does not authorize President Donald Trump to impose tariffs. As an alternative to IEEPA-based tariffs, the Trump administration had imposed a global 10 percent tariff under Section 122 of the Trade Act of 1974, a separate legal authority that allows the levy to remain in force for 150 days.