Marketplace Morning Report Tariff refunds are coming
Apr 15, 2026
Daniel Ackerman, Marketplace reporter on airline competition; Fernando Valli, Hedgeye energy director and market expert; Nancy Marshall-Genzer, Marketplace trade and customs reporter. They explain the rollout of automated tariff refunds and which claims qualify. They discuss Strait of Hormuz disruptions, impacts on oil, U.S. LNG limits and regional gas price splits. They also explore a possible United-American merger and antitrust risks.
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CBP Automated Refunds Will Cover Most Tariff Payments
- U.S. Customs and Border Protection will launch an automated refund system processing about 82% of illegal tariff payments.
- That covers roughly $127 billion while about $3 billion in complex claims require slower manual processing.
Legal Ruling Cleared Refunds But New Tariffs Loom
- The Supreme Court struck down certain tariffs but left refund authority to lower courts, and the Court of International Trade allowed importers to recover payments.
- Treasury signals new tariffs could return under a different trade-law section, possibly restoring import taxes by early July.
U.S. Crude Cannot Fully Replace Middle Eastern Oil
- Fernando Valli says closure of the Strait of Hormuz helps U.S. producers but U.S. crude isn't a one-to-one replacement for Middle Eastern oil.
- U.S. crude yields more gasoline while the market's biggest shortfall is diesel, limiting direct substitution.