US Refunds $166B in Tariffs, Businesses Get Payout

0:00It's April 20th, I'm Cory with the story, and this is U.S. News Today, your AI-powered national briefing. The U.S. government kicked off a massive refund program this week, said to return over $166 billion in tariffs after the Supreme Court ruled the Trump administration went too far with those levies. More than 56,000 importers jumped in right away, signing up for Customs and Border Protection's new online portal called Cappé to File. They're claims. The process lets businesses upload batches of transaction data for review, but it's no quick fix officials say payments might start in 60 to 90. Days with phases rolling out over time, starting with the newest tariffs, that means older claims could drag on even longer. Everyday folks footed the bill through higher prices on goods, yet refunds go straight to companies with zero rules, forcing them to pass it along to. Shoppers, Democrats are pushing hard for direct checks to households, but for now, consumers might see zilch.

1:01Hedge funds are circling too, buying up those refund claims upfront for quick cash to businesses, pocketing a cut in the process. Meanwhile, shipping giants like UPS and FedEx say they might refund customers once they get paid. Law suits from consumers and groups are popping up to claw back some cash, while whispers of new tariffs under different rules could hit as early as, July, leaving everyone wondering if this relief is just temporary.