Since the Supreme Court ruled in February that the President cannot use IEEPA to impose tariffs, refunds have moved slowly. Customs says about $85 billion in refunds has been accepted, but only about $20.6 billion has actually been sent to Treasury for disbursement, with more on the timeline for the next phase and a likely appeal expected June 9. There is a concrete task for treasury teams: thousands of approved refunds are stalled because banking details are missing, so importers should confirm their ACH refund information is current before filing.
Sources: Dimerco, Tax Foundation.
