Trump Administration begins processing tariff refunds to American businesses

(CBS, KYMA) - Starting Monday, the Trump Administration has begun processing some $166 billion in tariff refunds to American businesses.

U.S. Customs and Border Protection (CBP) is issuing the refunds to the businesses that request them, but not individual consumers.

The move comes after the Supreme Court ruled the taxes, which President Donald Trump announced last April and imposed under the "International Emergency Economic Protections Act," were illegal.

Businesses are eligible to receive refunds on any of those tariffs finalized within the last 80 days.

"If you're a shopper out there with one of these companies that might be getting a refund, whether or not you see any money back, is the open question. There are consumers who are suing some companies to get a refund, but companies are not known historically to lower their prices after these major events, remember COVID for example?"

Jo Ling Kent, CBS News Senior Business and Tech Correspondent

Companies can submit requests through the online portal known as the Consolidated Administration and Processing of Entries (CAPE).

It must be approved by CBP, with payment coming 60 to 90 days later, and ore than 56,000 importers have already registered.