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A federal judge gave the Trump administration some breathing room to process tariff refunds after Customs and Border Protection (CBP) indicated it needed 45 days to set up an automated system.
U.S. Court of International Trade Judge Richard Eaton had ordered immediate compliance, but he pushed back the timeline after fielding CBP officials’ concerns at a Friday hearing. The judge has now ordered a Thursday update on the progress.
CBP collected roughly $166 billion in tariffs from more than 330,000 importers struck down by the Supreme Court that now must be returned, government data indicates.
“These duties must now be refunded with interest, and the clock is ticking,” Eaton wrote in his brief ruling.
“Further interest is accumulating every day, with approximately $650 million accruing per month,” he continued. “If the entries are not liquidated before the end of the year, it is further estimated that $10 billion of interest will have accrued. American taxpayers will bear this financial burden.”
https://thehill.com/regulation/court-ba … f-refunds/
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PelvicOarfish$166 billion collected. $650M/month interest accruing on refunds. CBP needs 45 days to build a refund system they should have had before collecting the money. This is the financial equivalent of charging someone's credit card and then saying you need 6 weeks to figure out how credit cards work. Meanwhile the tariff uncertainty already pushed SPY from $610 to $675 and back to $679 today. The administrative incompetence IS the market signal.
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VP_Spiro_T_CheneyMore accurate to say US taxpayers are stuck having to pay off an additional $650 million per month in Treasury borrowing.
This year Trump may deliver America’s first ever $5 trillion annual budget deficit.
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