Why Importers Are Aggressively Selling IEEPA Tariff Refund Claims

We continue to assist companies nationwide in converting IEEPA tariff refund claims into immediate cash, even after the launch of U.S. Customs and Border Protection’s(“CBP”) CAPE refund portal and the latest April 28th update from the U.S. Court of International Trade (“CIT”).  

CIT’s April 28th status review confirmed that the lead IEEPA refund litigation has largely moved from the legal entitlement phase into the implementation and payment phase. In simple terms, the question is no longer primarily whether many importers are entitled to refunds, the issue is when those refunds will actually be paid.  

While CBP officially launched CAPE on April 20th to process refunds, there was no new court order requiring immediate payment of all claims. Instead, the CIT is supervising execution, while Customs works through claim submissions, liquidation status, eligibility reviews, and administrative processing.   This distinction matters. CBP has indicated that certain accepted claims may be paid within approximately 45–60 days plus statutory interest.

However, “acceptance” is not the same as submission. Importers must first complete filing requirements, resolve broker authority issues, verify liquidation status, satisfy procedural review, and clear compliance review before the payment clock truly begins.   For many importers, especially those with older entries, previously liquidated claims, multiple brokers, documentation issues, or claims that may fall outside CAPE Phase 1, the actual recovery timeline could extend for many months or significantly longer. As a result, our buyers remain highly active in purchasing IEEPA tariff refund claims, with transactions from $250,000 to $7 million purchased at a Buy Rate of 85%, while claims exceeding $7 million have a Buy Rate of 90%.    

Why Importers are still Selling Tariff Refund Claims after CAPE Opened

Judge Eaton of CIT did not order immediate universal payment of all claims. CBP’s estimated payment window begins only after formal claim acceptance, not submission.

Many claims do not clearly qualify for CAPE Phase 1 and may require later phases. Finally liquidated entries remain one of the largest unresolved issues. Previously liquidated entries may still require protests, reliquidation, or additional litigation. The right to a refund is clearer—but the timing of payment remains uncertain.

CSV upload issues, ACE access problems, and broker mismatches can delay acceptance. Documentation gaps and reconciliation issues remain common. Customs audit and compliance review may delay payment even after filing.

Trump Administration appeal deadlines and future legal developments could delay the timing of refund payments. Processing millions of entries may create substantial administrative backlogs. Port-by-port inconsistencies may slow recovery for certain importers. Working capital needs often cannot wait for government processing timelines/.


Importers Are Choosing To Monetize Now

Immediate working capital for inventory, payroll, and vendor obligations. Reduced lender pressure and improved borrowing base flexibility. Elimination of refund timing risk and litigation uncertainty. Improved balance sheet certainty. Faster access to liquidity without waiting for government disbursement. Stronger buyer pricing now that CAPE implementation is underway as Buy Rates increased from 45% in February to 85% today  

For many businesses, immediate liquidity today is worth more than waiting for a larger payment later. Many importers are no longer asking. “Will I get paid?”, They are asking, “Is waiting worth the delay, uncertainty, and operational risk?”. For many companies, the answer is no.   We work with importers with claims starting at $250,000, with no maximum limit across industries including food, seasonal goods, apparel, and home products.  

Most transactions can be completed in approximately 10 business days, assuming proper documentation and credit quality.  

To learn more about IEEPA Tariff Claim Refunds, Contact Factoring Specialist Chris Lehnes

https://www.cbsnews.com/news/tariff-refund-portal-trump-cbp

The Purchase Price of IEEPA Tariff Refund Claims has Increased to up to 85% of the Claim Amount

Convert IEEPA Tariff Claims to Cash on an Expedited Basis  

I have been actively assisting companies nationwide in converting their IEEPA tariff refund claims into immediate cash.  

U.S. Customs and Border Protection is rolling out a centralized system (CAPE) to process refunds, and some trade experts believe that certain importers could begin receiving refunds within the next six months. However, there remains significant uncertainty around timing, and many industry participants believe that a large portion of claims could still take years to fully resolve.

  Convert IEEPA Tariff Claims to Cash on an Expedited Basis  

This divergence is driven by several factors, including:
The complexity and scale of processing millions of entries
The possibility that certain categories of claims may be prioritized over others, delaying recovery for more complex or lower-volume importers
The need for new administrative procedures, as IEEPA does not clearly define a refund mechanism
The potential for case-by-case eligibility determinations

Ongoing legal and procedural developments, including possible appeals by the Trump Administration and implementation challenges

Liquidation Status – Whether entries have already been liquidated, which in many cases may require formal protests or litigation to reopen and recover duties
The likelihood of inconsistent treatment across ports (port-by-port) or entry types as CBP implements new processes in phases
Documentation gaps and data reconciliation issues, particularly for older entries or those filed across multiple brokers
The absence of clear guidance on how interest on refunds will be calculated and paid, which could lead to further disputes


Capacity constraints within CBP and the potential for processing backlogs as refund volumes scale

Continued legal challenges around the scope of eligibility, including disputes over classifications, valuation, or origin that could delay specific claims


As a result, while some importers may receive refunds within six months, others, particularly those with more complex or previously liquidated entries, could face a multi-year recovery timeline. To address this uncertainty, financial institutions and hedge funds are actively purchasing IEEPA tariff refund claims at a discount.

Current buy rates are as high as 85% of the expected refund value, depending on claim size, credit quality of the importer and documentation quality as these claims are not directly assignable. AES works with importers with claims starting at $250,000, with no maximum limit. Since entering this market five months ago, AES has facilitated the monetization of approximately $20 million in claims across industries including food, seasonal goods, apparel, and home products.  

Market pricing has evolved significantly: Prior to the February 20, 2026, Supreme Court ruling, claims traded at approximately 20–25%
Following the ruling, pricing increased to 40–50%
More recently, improving legal clarity and market participation have driven pricing to current levels of up to 85% of the IEEPA tariff refund amount


While some importers initially adopted a “wait and see” approach in anticipation of near-term refunds, the combination of timing uncertainty and significantly improved pricing has led many to explore monetization as a way to eliminate risk and accelerate liquidity. The Funds AES works with are able to complete transactions in approximately 2–3 weeks, depending on the completeness and quality of documentation.  

For more information on this process, contact Factoring Specialist, Chris Lehnes