United Parcel Service (UPS) submitted its first set of refund claims to U.S. Customs and Border Protection. The claims total approximately $500 million. This action follows a Supreme Court ruling. The ruling invalidated certain tariffs imposed by the Trump administration. It enables companies to seek reimbursement for paid duties.
UPS collected over $5 billion in tariffs as a pass-through agent. The company committed to returning refunded money to its customers. Where UPS acted as the importer of record, customers need no action to receive their refund portion. Once UPS receives government funds, it anticipates a 60 to 90-day period. The company will process and issue refunds to original payors.