Montana Businesses Could Be Owed Money Through Tariff Refund Program

Montana businesses will have a chance for financial relief and recover money lost to past trade policies… but these businesses will need to act quickly.

Recovering Costs from President Trump’s Tariffs

A new federal refund program recently launched with the goal of giving eligible businesses the chance to recover some of the costs tied to tariffs imposed by the Trump administration. The program launched following the Supreme Court’s decision to rule against tariffs placed “under the International Emergency Economic Powers Act (IEEPA)” according to the US Congress.

This ruling has opened the door for billions in refunds across the country. For businesses in Montana, it’s important to note that refunds are not automatic.

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For Montana companies that have directly paid tariffs on imported goods, a claim must be filed through the portal in order to receive any refund according to the US Border and Customs.

You’re obviously going to need proof which can include import records, customs filings, and proof of tariff payments before submitting an application.

Can Montana Businesses Get Tariff Refunds?

It would be nice if some of us could get a refund for some of the items we may have paid more for due to tariffs but that’s just now how it works.

Montana industries that could feel the impact most might include agriculture suppliers, construction companies, and local retailers. Many of these industries import equipment, materials, or inventory… and a lot of it.

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According to Farm Policy News, an estimated $958 million in tariff revenue was made up of ag-related products/inputs. Of that, “$530 million came from farm machinery, $273 million came from agricultural chemicals, $110 million came from fertilizers and $44 million came from seeds.”

Now, as you and I probably both expect, quite a few applications are being submitted as we speak. And with potentially billions of dollars at stake nationwide, experts expect a high volume of applications, which is supposed to take about 60 to 90 days according to ABC affiliate WTAE.

As we all know, a higher volume of applications can lead to longer wait times. Gross!

Was Your Business Affected By Tariffs? Here’s How To Apply…

Remember, not every company will qualify and this refund program is for business owners, not individuals.

Still, for Montanans still feeling the ripple effects of higher import costs, this refund program could help businesses bounce back and hopefully, trickle down those savings to the rest of us.