US finalises US$35.5 billion in refunds for illegal Trump tariffs

The U.S. customs agency has processed refunds including interest worth $35.46 billion as of May 11 for tariffs imposed by President Donald Trump last year that were deemed illegal, according to a Tuesday court filing.



As of 7 a.m. ET on May 11, the U.S. Customs and Border Protection had received 126,237 applications for refunds covering an undisclosed number of shipments or entries, according to the court filing.



The agency said it had validated 86,874 of those applications covering 15.1 million entries which were eligible for refunds. Of that total, 8.3 million shipments have been finalized and the expected refund with interest had been calculated, totalling $35.46 billion, according to a declaration from Brandon Lord, a CBP official, that was filed with the U.S. Court of International Trade in New York.



The tariff refund report comes as major importers from carmakers to sportswear company Under Armour have said they expect a profit boost from tariff reimbursements.