Textile and seafood stocks increased up to 5% on April 21 following the launch of a refund system for businesses that paid tariffs. The US Supreme Court ruled that President Donald Trump imposed these tariffs without constitutional authority.
Companies owed $166 billion in refunds plus interest can apply for reimbursement starting Monday through a new US Customs and Border Protection portal. CBP estimates refunds will be issued within 60 to 90 days after approval, though delays may occur due to additional reviews.
At 1:30 pm on April 21, seafood stocks like Avanti Feeds and Apex Frozen were trading 2% higher, while Gokaldas Exports and Welspun Living rose 5.5% and 4%, respectively. The program, known as the Consolidated Administration and Processing of Entries (CAPE), aims to consolidate refunds rather than process them on an entry-by-entry basis.
The government plans to process refunds in phases, focusing first on more recent tariff payments. The system will refund tariffs directly to the businesses that paid them, which are not required to share the proceeds with customers.
