U.S. refunds 3 trillion won in 'reciprocal tariffs' in two weeks, estimated at 12.4% of total

[Financial News] The Donald Trump administration in the United States, which began refunding so-called "reciprocal tariffs" this month, has returned about 12.4% of the eligible amount over roughly two weeks. However, ordinary consumers who indirectly bore the reciprocal tariffs through importers are unlikely to get back the money they already paid.
ABC Network reported on the 28th local time, citing documents the Trump administration submitted to the court. According to the filings, U.S. Customs and Border Protection (CBP) refunded $20.6 billion, or about 30.8 trillion won, in tariff revenue through the government’s online system. The amount CBP has currently approved for refunds is said to be $85 billion, putting the refund rate at 24.2%.
However, according to a CBP document from last month, about 330,000 importers had already paid tariffs related to the International Emergency Economic Powers Act (IEEPA). The number of import shipments reached 53 million. Tariffs paid under the IEEPA totaled $166 billion as of March 4. Based on that figure, the refund rate comes to 12.4%.
After taking office for a second term last year, the Trump administration invoked the IEEPA between February and April to impose retaliatory "fentanyl" tariffs on China, Canada and Mexico, as well as "reciprocal tariffs" on countries around the world, including Korea. On February 20, the Supreme Court of the United States ruled in a case that imposing tariffs under the IEEPA was illegal. In line with that ruling, CBP began issuing refunds on the 12th.
U.S. importers moved quickly after the Supreme Court ruling to recover tariffs they had already paid. John David Rainey, chief financial officer of Walmart, said in last week’s earnings release that the company would use the expected $2.4 billion in refunds to lower consumer prices. Not only Walmart, but also warehouse club Costco, home improvement retailer The Home Depot, General Motors (GM) and Apple are among the major consumer-facing companies processing tariff refunds.
Logistics giants UPS, FedEx and DHL said they plan to directly refund tariffs to their major importer customers. UPS recently posted guidance on its website explaining how importers can claim tariff refunds.
However, consumers who have already bought products with tariffs built into the price are unlikely to receive direct refunds. The Tax Foundation, a U.S. think tank, estimated that the average annual household spending burden for Americans has risen by $700 because of the additional tariffs imposed since the start of Trump’s second administration.
In an interview on the 12th, the day tariff refunds began, U.S. President Donald Trump called the refunds "crazy" and said, "We will fight against that." The Trump administration is currently imposing a 10% global tariff under Section 122 of the Trade Act of 1974, and that measure is also facing lawsuits. The administration lost in the first trial.
pjw@fnnews.com Park Jong-won Reporter