U.S. to Process Tariff Refunds Starting May 12

On May 5, the U.S. Customs and Border Protection (CBP) announced that the first batch of electronic refunds for tariffs deemed illegal by the Supreme Court will begin to be issued as early as May 12, involving a total of $166 billion in refunded tariffs. It is reported that the timing of the first batch of electronic refunds released by CBP is one day later than previously estimated, although no explanation was provided for the delay. The impact of the Supreme Court's ruling extends beyond the refund mechanism itself. The International Emergency Economic Powers Act (IEEPA), which has been a core tool of Trump's trade policy, has been ruled invalid, meaning the government has lost one of its most flexible means to impose tariff pressure without congressional approval. The $166 billion figure represents the cumulative amount of tariffs that may be challenged, making this refund one of the largest forced fiscal reversals in recent U.S. trade history. (Dongxin News Agency)