U.S. companies – including retailers – that shelled out more than $160 billion in emergency tariffs can now apply for refunds for such funds through a new government e-portal, report a variety of sources, including CNBC. The tariffs in question were implemented last year by the Trump administration and subsequently ruled illegal by the Supreme Court.
To process those refunds, the U.S. Customs and Border Protection unveiled a tariff claims-filing portal – known as the Consolidated Administration and Processing of Entries, or CAPE – on April 20. A recent analysis by Citi found that enterprises likely to seek refunds through that mechanism are such high-profile retailers as Walmart (due $10.2 billion), Target ($2.2 billion), Nike ($1 billion), Kohl’s ($550 million), Gap ($400 million) and Macy’s ($320 million).
But any business expecting a fast refund is likely to be disappointed, a variety of experts told CNBC. “Trade lawyers are warning of bureaucratic hurdles, legal vulnerabilities, as well as the possibility of a last-minute appeal by the Trump administration,” the news service reported.
