Overview
- A judge at the U.S. Court of International Trade ruled importers are entitled to refunds of duties tied to tariffs the Supreme Court found unlawful.
- A federal appeals court in Washington rejected the government’s bid to delay refund proceedings, allowing cases to move forward.
- Treasury Secretary Scott Bessent said the 10% global tariff will likely rise to 15% this week, and he expects rates to return to prior levels within five months.
- Companies are racing to recover payments estimated between roughly $130 billion and more than $175 billion, with about 2,000 suits filed and options such as Post Summary Correction for unliquidated entries.
- The European Union is seeking relief from the planned increase, and a Bloomberg report says it may have secured a 10% cap, though that has not been confirmed.