Supreme Court Ruling Prompts UPS and FedEx to File Tariff Refund Requests

Com reported. U.S. Customs and Border Protection opened a refund process for companies to request tariff refunds on Monday. The refund process affects tariffs collected under the International Emergency Economic Powers Act.

The Supreme Court ruled the International Emergency Economic Powers Act unconstitutional in February. Tariffs under Section 232 of the Trade Expansion Act of 1962 remain in place.

The tariff refund portal is called the Consolidated Administration and Processing of Entries. The portal allows importers of record to submit refund requests. The first phase covers refund requests for entries that CBP finalized within the last 80 days.

UPS will request and retrieve tariff refunds from CBP on customers' behalf for shipments where UPS was the importer of record. UPS stated that refunds could take up to three months to be delivered to UPS. "We remain focused on keeping shipments moving and helping ensure our customers can fully exercise their rights throughout this complex process," UPS stated.

UPS has received CBP guidance about the first phase of tariff refunds. FedEx has begun filing claims with CBP for tariff refunds. FedEx stated that if CBP issues refunds to FedEx, it will issue those refunds to shippers and consumers who paid those charges.

FedEx will generate the reports needed to secure refunds on behalf of its customers. President Donald Trump told CNBC's 'Squawk Box' on Tuesday that he would 'remember' companies that did not request tariff refunds.