Trump tariff refunds begin but consumers likely to miss out

Trump tariff refunds begin but consumers likely to miss out9 minutes agoShareSaveAdd as preferred on GoogleArchie MitchellBusiness reporterGetty ImagesThe Trump administration has begun processing refunds for billions of dollars in tariffs that the US Supreme Court struck down in February.In what is to be the biggest repayment programme in history, companies can apply online for money they were charged under the so-called "Liberation Day" tariffs - plus interest - to be returned.The US Court of International Trade in March ordered customs officials to refund the more than $160bn (£121bn) the government had collected, putting roughly 330,000 importers in a position to potentially win back some money.But some individual consumers, who were hit by the tariffs indirectly through higher prices, are not expected to be compensated.The refunds relate to levies charged by US President Donald Trump under the International Emergency Economic Powers Act (IEEPA)."All importers of record whose entries were subject to IEEPA duties are entitled to the benefit" from the high court's ruling, Judge Richard Eaton wrote in March.As of early April, more than 56,000 importers had completed the necessary steps to apply for refunds online when the portal opened, with their claims worth $127bn (£943m).The portal, known as the Consolidated Administration and Processing of Entries (Cape), went live on Monday.A Customs and Border Protection spokesperson said Cape had been built to "efficiently process refunds".The system will process refunds for importers as one lump sum, rather than making businesses apply item by item.Customs and Border Protection said successful applicants can expect refunds, as well as any applicable interest, to be paid in 60 to 90 days.A major issue with the process has been concerns raised by individual shoppers who faced higher prices as a result of Trump's tariffs yet have no means to claim compensation themselves.One way in whic...