The United States will process tariff refunds starting May 12.

Gold Financial News reported that on May 5, the U.S. Customs and Border Protection (CBP) said that the first batch of electronic tariff refunds required to be returned because the Supreme Court ruled them illegal would begin issuing as early as May 12, involving up to $166 billion in already collected tariffs to be refunded via electronic refunds. It is said that the first electronic refund schedule published by CBP is one day later than previously estimated, but it did not give any explanation for the one-day delay. The impact of this Supreme Court ruling goes far beyond the refund mechanism itself. The International Emergency Economic Powers Act (IEEPA) has become a core tool of Trump’s trade policy; its being ruled invalid means the administration has lost one of the most flexible ways to apply tariff pressure without congressional approval. The $166 billion figure represents the cumulative levied tax amount that could be called into question, making this refund one of the largest forced fiscal reversals in recent U.S. trade history. (Dongxin News)