US to refund US$166bn in tariffs after court ruling, with interest clock ticking
US Customs is building a new portal to refund about US$166bn in import tariffs struck down by the Supreme Court, with interest accruing daily if repayments are delayed.
Tariffs that were once wielded as a political weapon have become a major financial burden for the United States after the US Supreme Court struck down “emergency” tariffs imposed under the International Emergency Economic Powers Act (IEEPA), forcing the government to prepare refunds totalling around US$166 billion (about 5.4 trillion baht) plus interest.
According to Reuters, US Customs and Border Protection (CBP) is developing a new electronic refund system that will allow companies to file claims end-to-end, from application to payment, with phased acceptance of claims expected by late April. CBP said processing could take up to 45 days once claims are submitted.
The scale is vast: the Supreme Court decision affects about 53 million shipments linked to more than 330,000 importers, Reuters reported. CBP said only 26,664 importers have completed the registration required to receive electronic refunds, though those registered account for roughly US$120 billion of the total refund value.
Interest ticking higher if refunds are delayed
The Cato Institute has warned that delaying refunds could significantly increase the bill because the government must pay interest at the IRS corporate overpayment rate, with interest compounding daily. Cato estimates the cost of delay at roughly US$20-23 million per day (about 750 million baht).
Who paid the tariffs in the first place?
Separately, a Federal Reserve Bank of New York analysis found that nearly 90% of the tariffs’ economic burden fell on US firms and consumers, rather than foreign exporters cutting prices—undercutting claims that other countries “pay” such tariffs.
