Small Businesses Await Tariff Refunds

0:00This is Cory with the story, keeping Anchorage in the know, you're listening to Anchorage news today. Small business owners across the U.S. are waiting to see if they'll get refunds for the extra tariffs they paid on imports during the Trump administration. The Supreme Court ruled in late February that those duties imposed under a 1970s emergency powers law were illegal. Nearly 2,000 companies have sued for their money back after the government collected about $166 billion from importers. Terror spiked on goods from places like China, Brazil, and India, sometimes hitting 50% or more due to declared emergencies over trade, issues, fentanyl, and political disputes. Coffee rosters and baby product makers saw costs jump by thousands per shipment, forcing them to hold off on hiring or expansion. Owners like an Arizona coffee importer say they shelled out tens of thousands extra per pallet of beans from South America and Africa, barely staying, a float.

1:02A Minnesota company making baby gear had to leave products overseas because they couldn't afford the duties, losing out on growth plans. Court update show U.S. Customs and Border Protection is partway through a four-step refund process, with some steps 40 to 80% done as of mid-March. A federal judge ordered officials to stop collecting these tariffs and start recalculating past payments. Meanwhile, the administration is pursuing new tariffs through other laws and investigations into trading partners. Democratic-led states have sued over fresh duties, and advocates are pushing for quick refunds with interest to help small businesses recover. Support for this episode comes from our sponsor. See the description. Do not just fall asleep. Drift into what you are listening to, S-O-L-I-SoliPillow.com.