The US Customs and Border Protection announced the launch of its refund-processing platform, allowing importers and customs brokers to file claims for duties paid. This follows the US Supreme Court ruling that declared Donald Trump’s tariffs unconstitutional. Initially, Trump imposed 10% tariffs on Indian exports to the US on April 2 last year, which were later increased to 25% and then to 50%. The tariffs were reduced to 18% in February this year, but the Supreme Court ruling nullified the entire tariff regime.
According to the Global Trade Research Initiative, about 53% of India’s shipments to the US, primarily textiles and apparel, were affected by the higher tariffs. Textile companies like Gokaldas Exports, Pearl Global, Indo Count, and Welspun Living are expected to benefit from the refunds. Of the nearly $12 billion in refunds, textiles and apparel are estimated to account for around $4 billion. However, it is important to note that Indian exporters will not receive the refunds directly; they will go to their American clients.
