$166 billion in tariff refunds may be available to 330,000 U.S. importers, yet fewer than 27,000 have taken the first step to collect.

CHICAGO, April 9, 2026 /PRNewswire/ — Stout, a global advisory firm, is advising importers on how to recover and monetize tariff refunds following the U.S. Supreme Court’s ruling in Learning Resources, Inc. v. Trump, which struck down tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as unconstitutional. The firm outlines these considerations in its commentary, IEEPA Tariff Refunds: Refund Eligibility & Strategic Recovery, drawing on its expertise across valuation, financial disputes, and transaction advisory.

The ruling affects more than 330,000 importers across over 53 million entries, according to U.S. Customs and Border Protection (CBP), with more than $166 billion in duties potentially eligible for refund. Yet as of March 31, only 26,664 importers had completed the required enrollment to receive payment. CBP has warned that claims may be rejected for companies that fail to register, leaving a narrowing window for businesses to act.

“This is one of the largest potential refund opportunities we’ve seen in years, but many companies haven’t taken the first step,” said Katie McNally, Managing Director at Stout. “The difference between acting early and delaying could materially impact how much value companies ultimately recover.”

As companies move from eligibility to execution, the focus is shifting to identifying affected entries, preserving claims, and determining the most effective path to recovery. Timing and preparedness are emerging as critical factors in maximizing total refund value.

In addition to traditional recovery approaches, companies are increasingly evaluating monetization of tariff refund rights through third-party transactions. These structures can convert a contingent recovery into current cash, hedge delay or appeal risk, and reduce uncertainty in earnings planning, particularly for sponsor-backed businesses approaching a sale, refinancing, or other liquidity event.

“Companies are now making a strategic decision between certainty and upside,” said Michelle Uddin, Managing Director at Stout. “For some, monetizing these claims today reduces risk and improves liquidity. For others, holding out may maximize long-term value.”

Stout is actively advising clients on claim valuation, documentation strategy, and monetization pathways to accelerate recovery and reduce risk.

For more information, view IEEPA Tariff Refunds: Refund Eligibility & Strategic Recovery.

About Stout

Stout is a global advisory firm specializing in corporate finance, accounting and transaction advisory, valuation, and financial disputes, claims, and investigations. Stout serves a range of clients, from public corporations to privately held companies in numerous industries. Its clients and their advisors rely on our premier expertise, deep industry knowledge, and unparalleled responsiveness on complex matters. Learn more at stout.com.

Stout is a trade name for Stout Risius Ross, LLC, Stout Advisors SA, Stout Bluepeak Asia Ltd., Stout GmbH, MB e Associati S.r.l., Stout Park Ltd, and Stout Capital, LLC, a FINRA-registered broker-dealer and SIPC member firm.

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