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The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 13th that it has begun providing support, such as holding information sessions and consultations, and offering consulting services for companies wishing to receive tariff refunds from the U.S. government.
KOTRA's North America Regional Headquarters held an 'Information Session and Consultation on Utilizing the U.S. Tariff Refund System' on the 29th of last month, targeting over 250 companies operating in the U.S., Canada, and Mexico, and conducted more than 100 consultations on how to use the refund system.
In addition, a guidebook containing the tariff refund application procedures was produced and distributed both online and offline.
KOTRA also helps resolve difficulties for small and medium-sized enterprises (SMEs) through one-on-one in-depth consulting services utilizing a group of experts, including local U.S. customs brokers and lawyers.
KOTRA emphasized the importance of timely response from companies, as tariff refunds can only be received if the importer applies directly, and applications are limited in cases where tariff payment settlement has not occurred or is within 80 days after settlement.
The tariff refund is a follow-up measure to the U.S. Supreme Court's ruling in February that the tariff measures imposed by the Donald Trump administration based on the International Emergency Economic Powers Act (IEEPA) were illegal.
According to data submitted by the U.S. Customs and Border Protection (CBP) to the U.S. Court of International Trade (USCIT), there are 330,000 eligible importers and 53 million import entries subject to refunds.
Kang Sang-yeop, Executive Vice President of KOTRA and Head of the SME & Mid-sized Enterprise Division, stated, 'We plan to provide necessary information and consulting services not only to export companies wishing for tariff refunds but also to local companies and partners acting as actual importers.'
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