Tariff Refund Portal Opens: Businesses Claim Billions

0:00It's April 20th. Welcome in. This is Canada News Today, where local news meets AI. I'm Corey with the story. Starting Monday at 8 a.m., U.S. Customs and Border Protection kicks off an online portal for businesses to claim refunds on tariffs they paid. These were the import taxes President Trump slapped on goods from nearly every country, using a 1977 emergency law. The Supreme Court struck them down in a 6-3 ruling on February 20th, saying he overstepped Congress's power on taxes. The process is rolling with importers, submitting declarations on the goods they taxed, totaling billions. Approved claims take 60 to 90 days to pay out, and it'll roll out in phases, hitting recent payments first. As of April 14th, 56,497 importers registered, eyeing $127 billion back. Interest included. Business owners and lawyers are prepping hard, double checking entry docs to avoid rejections. Experts warn of launch day glitches in the system, urging patients since not every

1:04import qualifies right away, only estimated tariffs or those within, 80 days of final accounting. Small outfits like a Minnesota cigar shop that shelled out $34,000 last year are geared up but stressing cash flow delays. Consumers passed on some costs through higher prices, so refunds to businesses might trickle down slowly. Fast-action suits target big players like Costco for pass-through reimbursements, while delivery giants like FedEx and UPS plan to refund customers. Directly once they get theirs, FedEx starts filing claims, April 20th. This refund wave could reshape trade costs for everyone involved, but it'll test patients as the system irons out kinks and phases expand. Keep watching how the dollars flow back.