PROSPER WEEKLY

Since the Supreme Court struck down the IEEPA tariffs in February, Customs and Border Protection (CBP) has processed refunds through a new portal at breakneck speed. As of July 31, per CBP’s court-ordered filing with the Court of International Trade, roughly $100 billion has been paid out of about $128.7 billion accepted for processing — around 60 percent of the $166 billion collected from more than 330,000 importers across 53 million entries. Interest is accruing on the unpaid balance at roughly $650 million a month. The checks going out are bigger than the duties that came in due to interest.

Every one of those checks is made out to the importer of record — the corporation that filed the entry.