Get a Tariff Refund NOW? Maybe. Here’s How.

You may have heard that a court ruled Donald Trump's tariffs are illegal. The final decision is now up to the Supreme Court.

This could potentially mean big refunds for importers – but there's something they may need to do now.

However, for those who don't want to wait, there’s a fascinating new development at the intersection of Wall Street and Washington’s trade wars: importers battered by President Trump’s sweeping tariffs are now being pitched to sell their rights to potential refunds. In essence, financiers are offering upfront cash for claims that could turn into windfalls — but only if the courts ultimately strike down the levies.

Wall Street’s New Trade

The concept is straightforward: U.S. importers that paid tariffs they believe were unlawfully imposed can challenge those duties in court. If successful, they would be eligible for refunds — possibly massive ones. (To put this in perspective, the government collected nearly $30 billion in duties in a single month last year.)

Instead of waiting years for a final ruling, some companies are being approached by financial firms willing to buy those legal claims at a steep discount — “cents on the dollar.” That means importers could cushion their tariff losses with immediate liquidity, while investors essentially make a bet on the courts striking down Trump’s trade policies.

The idea has drawn attention on Wall Street since at least last summer, when reports surfaced of Cantor Fitzgerald exploring the market. A pitch letter suggested the firm would pay importers 20–30% of any recovery. Although Cantor later said it hadn’t executed such trades, the episode caught the eye of Democratic lawmakers, who raised questions about oversight.

Even so, demand hasn’t gone away. “We have a lot of clients asking about it,” said Lenny Feldman, managing partner at Sandler, Travis & Rosenberg, a trade-focused law firm (though his firm is not involved in such deals). But the offers remain heavily discounted, reflecting both the legal uncertainty and the long timelines ahead.

The Legal Landscape

Why all the uncertainty? Because the tariffs at stake are sprawling and legally complex. Under the International Emergency Economic Powers Act (IEEPA), Trump imposed duties on imports from virtually all U.S. trading partners. Separately, tariffs under Section 232 of the Trade Expansion Act hit imports of steel, aluminum, copper, automobiles, and auto parts.

Those tariffs were deemed illegal last month which the Trump administration has now appealed to the Supreme court. 

Multiple lawsuits are now challenging the legality of IEEPA tariffs, and implementation of Section 232 duties remains contentious. If the courts invalidate even part of these measures, importers who preserve their refund rights could collect huge sums. But there’s a catch: once a customs entry is liquidated — the process by which U.S. Customs and Border Protection (CBP) finalizes duties — the window to seek refunds narrows drastically.

Liquidation and Protests

By law, CBP must generally liquidate entries within about a year, though this period can be extended or suspended under certain conditions. Once liquidation becomes final, CBP will argue that refunds are off the table — even if courts later invalidate tariffs.

That makes it critical for importers to act now. Companies can file protests within 180 days of liquidation to challenge classification, valuation, duty treatment, or tariff applicability. These protests essentially keep claims alive while legal challenges play out. In some cases, importers may also need to escalate to the Court of International Trade if CBP denies a protest.

According to law firm SP&R specific protest opportunities include:

• In-transit exemptions — CBP has narrowly interpreted exemptions for goods shipped by vessel, excluding some relay or feeder arrangements.

• Chapter 98 exemptions — Claims for duty-free treatment under HTSUS 9801.00.10 (returned goods) often fail for lack of documentation, but may be viable with evidence.

• Value content assessments — Importers disputing CBP’s calculations on steel, aluminum, or copper content may seek corrections.

• USMCA eligibility — Inconsistent treatment by CBP has led to denied claims.

• Tariff stacking — Some refunds are possible when goods were charged multiple tariffs that should not apply concurrently.

• De minimis repeal — The elimination of the $800 exemption has created refund opportunities where misclassification occurred.

• Entry date disputes — Sudden tariff hikes mean the date of entry could drastically affect duties owed.

• Special categories — Informational materials, FTZ/TIB entries, and other exemptions may have been wrongly denied.

Steps Importers Should Take Now

With liquidation deadlines approaching and refund-rights trades buzzing on Wall Street, importers need to protect themselves before opportunities slip away. Key steps include:

1. Review customs data in the Automated Commercial Environment to identify entries subject to IEEPA or Section 232 tariffs.

2. Track liquidation dates carefully, especially for entries made in early 2025.

3. Request extensions of liquidation from CBP where possible.

4. File protests within 180 days of liquidation to preserve claims.

5. Request stays of protests pending resolution of ongoing litigation.

6. Be ready to litigate in the Court of International Trade if CBP denies protests.

7. Document everything, from exemption eligibility to classification details.

The Bottom Line

For importers, the stakes are enormous. Selling refund rights now could provide quick cash — but at a steep discount. Holding out means navigating complex customs procedures, tight deadlines, and uncertain court outcomes. Meanwhile, financiers see an opportunity to gamble on the collapse of Trump’s tariff regime.

Whether companies decide to cash out early or fight for full refunds, one thing is clear: doing nothing is not an option.