BREAKING: Trump Administration Launches $166 Billion Tariff Refund Process for U.S. Businesses

The Trump administration has initiated a massive $166 billion tariff refund process for American businesses, with U.S. Customs and Border Protection announcing the first phase begins today. Importers can now file refund claims through the ACE Secure Data Portal using CSV declarations for certain unliquidated entries, marking a significant financial relief program that could inject substantial liquidity into the U.S. economy as businesses recover from trade policy impacts.

Retailers are pissed as lawyers warn the refund cash may take time

CBP said, “Importers and authorized brokers should anticipate that valid IEEPA refunds will generally be issued within 60 – 90 days following acceptance of the CAPE Declaration, unless a compliance concern requires further CBP review.

Entries that are extended, suspended, under review, or placed in warehouses will keep their liquidation status, with validated refunds paid when liquidation happens, according to th CBP.

CBP said these CAPE-processed tariff refunds will still be subject to laws and rules tied to liquidation and reliquidation. That includes netting overpayments and underpayments across the full entry under 19 C.F.R. § 159.1. It also includes the possible diversion of refund money to cover an importer’s legally fixed and undisputed unpaid debts to the United States under 19 C.F.R. § 24.72.

An April 10 note from Citi laid out what some major retailers may get back. Citi said Walmart is due $10.2 billion. Target is due $2.2 billion. Nike could get back $1 billion. Citi also said Kohl’s may recover $550 million, Gap may receive $400 million, and Macy’s may get $320 million.

Citi said these refunds probably will not show up in much forward guidance, but the cash could still give balance sheets a one-time boost. The bank added that the money could also go toward stock buybacks or debt payments.

Citi’s equity researchers wrote, “If refunds are received, we will consider all options in terms of what to do with the cash. We will consider needs of the business, share repurchases, debt paydown, or increasing our cash cushion on the balance sheet.”

Meanwhile, Trump went on Truth to say: “A Country supplying Military Weapons to Iran will be immediately tariffed, on any and all goods sold to the United States of America, 50%, effective immediately. There will be no exclusions or exemptions!”

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