The Tariff Refunds Have Started to Land
One importer reported receiving $5,700 on Tuesday for claims filed on April 25.
Good morning!
Here are today’s highlights:
The concerns of company leaders have shifted dramatically in the past year.
Rob Levin emphasizes that there can be a big gulf between what owners think they say and what employees think they hear.
President Trump may inadvertently be responsible for a global shift toward green energy.
Ted Turner turned his father’s billboard business into an entrepreneurial innovator that upended the media industry.
THE TARIFFS
Importers say they’ve started receiving tariff refunds: “Trade lawyers told Bloomberg News that some of their clients have received money in their bank accounts as of Wednesday. One attorney, Daniel Cannistra of Crowell & Moring, declined to name his client or the amount they had received, but did say that the company’s payment included interest. He said that more companies had received notice that they’re scheduled to get refund payments starting Thursday. Chicago-based trade lawyer Mollie Sitkowski, at Faegre Drinker Biddle & Reath, said one of her importer clients received $5,700 on Tuesday for claims filed on April 25.”
“Claims covering roughly 1.74 million entries had cleared the initial validation steps and were in the refund process by the end of April, according to an earlier court filing from a Customs official. Several million entries had been rejected. The government’s next update is due in court on May 12.”
“Customs officials haven’t specified a schedule for rolling out future phases of the refund program for imports with more complicated circumstances. The Trump administration hasn’t committed to refunding all of the tariffs it collected under the president’s use of the International Emergency Economic Powers Act, or IEEPA, although the government did confirm it would pay interest on refunds that it did process.”
“In the months since the Supreme Court’s decision came down, consumers have filed class action lawsuits across the country against businesses they contend raised prices to cover tariff costs, seeking to recoup that money once refunds are paid. No court has ruled yet in these cases.” READ MORE
