Source: U.S. Customs and Border Protection
Summary
U.S. Customs and Border Protection (CBP) announced that about 95 percent of entries hit with Section 301 duties under the International Emergency Economic Powers Act (IEEPA) will be eligible for refunds through the system by the end of July, according to CBP.
Our Reading
The refund process feels familiar.
CBP’s announcement comes as a result of the lifting of certain Section 301 duties on Chinese goods. The duties were initially imposed in 2018 as part of the U.S.-China trade war. The refunds will be available for entries made between July 6, 2018, and May 10, 2020.
The process is part of a larger effort to unwind the tariffs imposed during the Trump administration. The Biden administration has been working to normalize trade relations with China and has taken steps to reduce or eliminate certain tariffs.
The refunds will be processed through the Automated Commercial Environment (ACE) system. Importers can expect to receive refunds for duties paid on eligible entries by the end of July.
Trade wars have seasonal expiration dates.
Author: Evan Null
