U.S. companies on Monday, April 20, got a chance to recoup billions of dollars in duties after launching a government refund portal for importers hit by tariffs. As the Supreme Court ruled, Donald Trump had no constitutional right to impose them.
The numbers are colossal. More than 330,000 importers have paid a total of $166 billion (€146 billion) on more than 53 million shipments.
Payments will have to wait between 60 and 90 days
As of April 14, 56,497 companies had registered in the refund system and the amount of eligible claims including interest had reached $127 billion (€112 billion).
However, not everyone will be able to get into the queue at once. And even after the application is approved, companies will have to wait 60 to 90 days for payment.
For small businesses, the rates are especially high and directly affect the owners.
“The repayment procedure, which takes several months, does not solve the working capital problem,” Euronews quoted entrepreneurs as saying.
For consumers, the chances of seeing even a fraction of that money are slim.
Companies are not obliged to share refunds with customers
Class action lawsuits against a number of companies, including Costco and Ray-Ban Essilor Luxottica, are pending in the courts, but there is no expectation of any payouts in the foreseeable future.
More than 3,000 lawsuits have already been filed in the U.S. Court of International Trade, covering virtually the entire spectrum of industries.
For individuals, there may be a better chance for refunds through delivery services. FedEx, which has charged duties directly to consumers on a number of import shipments, has said it will refund customers any money it receives back.
