Next US tariff plan takes shape as CBP updates on refunds
- Two new Section 301 investigations target a combined 95 countries as Trump moves to fully replace tariffs he lost in Supreme Court defeat
- Average US tariff rate fell from 14.3% under IEEPA to 10.5% under temporary Section 122 levies. New Section 301 levies should bring average back up later this year
- Under CBP’s proposed refund system — which is still under construction — US importers will have to consolidate IEEPA claims and follow a strict submission process
On one hand, US importers are in line to receive hundreds of billions in tariff refunds. On the other, importers will face new tariffs that could be just as costly and changeable as the levies the Supreme Court rejected