On the 23rd of the month, a seminar focused on the refund of tariffs imposed by the Trump administration was held at the Busan Trade Center. Exporters attending the seminar raised numerous questions about how to claim refunds for tariffs that were deemed illegal by the recent U.S. Supreme Court ruling. The seminar, organized by the Busan Chamber of Commerce and the Korea Trade Association, aimed to clarify the current changes in U.S. tariff policies following the Supreme Court's decision and to assist exporters in understanding the procedures necessary for obtaining refunds. KPMG's executive emphasized the importance of carefully verifying customs payment details and keeping relevant documentation, as the U.S. government is expected to meticulously scrutinize the refund process.

The recent ruling has led to increased attention towards the refund procedures for tariffs imposed during the Trump administration, particularly as many small and medium-sized enterprises are anticipated to face challenges in navigating these refunds. Experts suggest that these companies need to familiarize themselves with customs documentation and procedures, as only the party named as the Importer of Record (IOR) can officially claim a refund. Because local U.S. buyers typically serve as the IOR, South Korean exporters frequently find themselves without direct application rights for refunds.

In cases where South Korean companies have directly paid tariffs under Delivered Duty Paid (DDP) agreements, they have the opportunity to apply for refunds themselves. However, it’s estimated that only about 25% of the 24,000 companies that exported goods subject to the tariff in question paid tariffs directly to U.S. authorities, leaving the majority needing to coordinate with local importers for their refund applications. This situation highlights the complexities and potential obstacles South Korean exporters may face in reclaiming funds following the recent judicial changes in U.S. tariff policy.