Around 50 Companies Receive U.S. Tariff Refunds With KOTRA’s Help; $52 Million Refunded

[Financial News] Nearly 50 companies that received help from the Korea Trade-Investment Promotion Agency (KOTRA) to obtain U.S. tariff refunds have received about 70 billion won. However, some companies that applied for refunds have yet to receive the money, prompting calls to strengthen follow-up support from application through payment.
According to data KOTRA submitted to the office of Democratic Party of Korea lawmaker Kim Seung-won, a member of the National Assembly’s Trade, Industry, Energy, SMEs and Startups Committee, 54 companies applied for U.S. tariff refunds with KOTRA’s support this year. Of these, 48 received a total of $52.44 million (about 70 billion won). The remaining six have yet to receive their refunds. The tally covers companies that received one-on-one consulting from KOTRA.
The tariff refunds are a follow-up measure after the U.S. Supreme Court ruled in February that the Trump administration’s imposition of tariffs under the International Emergency Economic Powers Act (IEEPA) was unlawful. Companies that traded under Delivered Duty Paid (DDP) terms, whereby exporters pay tariffs on behalf of importers, can apply directly to U.S. customs authorities for refunds.
Of the around 24,000 Korean companies that exported to the United States, around 6,000 used DDP terms. This is why support to help individual companies apply for and receive refunds has become important, beyond simply explaining the refund process.
Through September this year, KOTRA held 26 information sessions on U.S. tariff refunds for around 2,000 people. Over the same period, it handled 135 related inquiries and provided 143 one-on-one consultations.
The task ahead is to identify companies that need support and help them obtain actual refunds. There are calls for KOTRA to continue monitoring progress after applications are submitted and to provide follow-up support to companies that have yet to get their money back.
Rep. Kim said, “Small and medium-sized businesses must not be left in a blind spot when it comes to refunds,” adding, “KOTRA must proactively identify companies that need support and see the process through to the end so our companies can recover the money they paid.”
[email protected] Kim Hak-jae Reporter