Tariff refunds are coming

The Trump administration will begin issuing refunds next week for tariffs the Supreme Court ruled were collected illegally — starting with the simpler cases, while more complicated claims wait for a slower manual process. That was the lead story on this morning's Marketplace Morning Report, which also covered oil and gas disruptions from the Strait of Hormuz blockade, a potential mega-merger between United and American Airlines, and the state of global energy markets.

Tariff refunds begin rolling out

U.S. Customs and Border Protection says it will launch the first phase of its refund system this Monday. The automated system can process about 82 percent of the tariff payments that need to be refunded — worth roughly $127 billion. The remaining $3 billion in more complicated refunds will require a slower manual process.

The refunds stem from tariffs struck down by the Supreme Court. The Court did not rule on refunds directly, leaving that decision to the Court of International Trade, which determined importers could get their money back. Meanwhile, Treasury Secretary Scott Bessent said yesterday that new tariffs under a different section of trade law could be implemented this summer, and that import taxes could be back "at the previous level by the beginning of July."

Strait of Hormuz blockade reshapes energy markets