US government will return 166 billion dollars! Trump’s tariffs are unconstitutional, lakhs of importers will get refunds

New Delhi:A big news related to America’s trade policy has come out, which can prove to be a relief for businessmen around the world. After the decision of the US Supreme Court, preparations have started to roll back the billions of dollars of tariffs imposed by former President Donald Trump. This decision will not only be of great benefit to American importers, but can also have a positive impact on the trade of many countries including India. Last month, the US Supreme Court had canceled many tariffs, which were an important part of the economic policy of the Trump administration, terming them unconstitutional.

After this decision of the court, now the process of returning the money to all those importers who had paid these tariffs is being started. An official of the US Customs Agency has informed the court that a new system will be prepared within about 45 days for the entire refund process. After the implementation of this system, the tariff amount paid by them will be returned to the importers along with interest.

3.3 lakh importers may get relief

Customs and Border Protection Department official Brandon Lord said that the government is planning to refund about $166 billion collected as tariffs to about 3.3 lakh importers. For this, government lawyers are working towards a comprehensive agreement with a federal trade judge. The court had recently issued an order directing the agency to initiate refunds as soon as possible using its existing internal process. On this order, a meeting was also called to decide the future strategy.

Importers will not have to file lawsuit

According to officials, this process will be made very easy. Only minimal information will be sought from importers and they will not be required to file a separate court case. The importer will only have to file a declaration form in which the details of tariff payment will have to be given.

Once this information is verified, U.S. Customs and Border Protection will begin processing the refund. This payment will be made in lump sum by the US Finance Department. The special thing is that even if an importer has imported the goods multiple times, he will get the total amount back in one go.

Low registration in electronic refund system

However, officials also said that so far very few importers have registered in the electronic refund system. According to available data, out of over 3,30,000 importers who paid illegal tariffs, only 21,423 have registered themselves in the electronic refund system which started on February 6. The government believes that as the process becomes clearer, more importers will join the system and they will be able to get their money back soon.

Many countries including India can benefit

This process of removal of tariffs and refund is also expected to have a positive impact on international trade. This news can also be a relief for exporters from countries like India, because this is likely to make the business environment with America more favorable than before.