U.S. Customs will stop collecting duties deemed illegal
In a statement to the company’s Cargo Shipment Management System (CSMS), the company said it will deactivate all tariff codes associated with President Donald Trump’s previous executive orders related to the International Emergency Economic Powers Act (IEEPA) starting Tuesday.
U.S. Customs and Border Protection (CBP) did not explain why it continues to collect duties at points of entry days after the Supreme Court ruling, and its announcement did not include information about possible refunds to importers, clarifies Reuters.
The communication noted that the suspension of the fee does not affect any other duties imposed by Trump, including those under Section 232 of the National Security Act and Section 301 of the Unfair Trade Practices Act.
Reuters reported on Friday that the U.S. Supreme Court’s ruling provides a refund of more than $175 billion in U.S. Treasury revenues generated by the IEEPA tariffs, according to an estimate by economists at the Wharton School of Business at the University of Pennsylvania. Their estimate showed that tariffs imposed under IEEPA generated more than $500 million in gross revenue per day.
