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World News Today, International News Headlines | The HinduBusinessLine

Italy suspends defence pact renewal with Israel amid West Asia tensions Drone hits on Russia ports put Indian refining at risk: IEA Trump’s lawsuit over Wall Street Journal’s Epstein story has been dismissed Agreement cannot be reached overnight, talks should continue over West Asia crisis: UNSG Bling meets brink: Iran war casts shadow over luxury watch industry Iran oil hoard at sea shields China’s refiners from US blockade Next round of Iran-US negotiations expected soon: Khawaja Asif Trump begins Hormuz blockade even as US, Iran eye more talks US naval blockade of Iranian ports begins; UKMTO confirms enforcement France, UK to lead multinational mission to restore navigation in Strait of Hormuz: Macron IDF continues strikes on Hezbollah in southern Lebanon, launches ground ops in Bint Jbeil Israelis oppose Iran ceasefire, divided over whether to respect it, poll says Pope Leo says he does not fear Trump, citing Gospel as he pushes back in feud over Iran war Iran threatens ports in West Asia as US military set to impose shipping blockade What does a US naval blockade of Iran mean for oil flows? Vance-led talks helped build goodwill with Iran: report Iran war's global energy crisis sharpens China's advantage in clean tech 2 oil tankers attempt Hormuz exit after US announces blockade Chinese yuan pressured by safe-haven dollar as US-Iran peace talks break down US blockade of Iran will be major military endeavor, experts say Japan’s benchmark bond yield jumps to 29-year high as US-Iran talks collapse Crude oil tankers steer clear of Hormuz ahead of US blockade US announces maritime blockade of Iranian ports after talks fail Trump attacks Pope Leo, calls him ‘terrible’ and ‘weak’ Europe missed AI bus, but India has potential to catch up: Former WEF Director Iran aims to restore majority of refining capability within two months Trump shares article suggesting option with him to enforce naval blockade on Iran Iran-US talks in Pakistan ended without deal as Tehran cites ‘excessive demands’ from US Two supertankers U-turn in Hormuz as US-Iran talks break down Iran war diverts US military, attention from Asia ahead of Trump's summit with China's leader Trump says China will have big problems if it ships arms to Iran Pakistan to continue facilitating US-Iran talks, says Dar; urges ceasefire More than 2,000 people killed by Israeli strikes in Lebanon during Israel-Hezbollah war: officials Iran denies US claims of mine clearing ships’ passage through Strait of Hormuz 4 ways war in Iran has weakened United States in great power game US-Iran talks fail after 21 hours in Islamabad, JD Vance cites nuclear deadlock Islamabad talks: US and Iran begin negotiations aimed at ending West Asia conflict Iran's new supreme leader Mojtaba Khamenei has severe and disfiguring wounds, sources say Israel and Lebanon are expected to hold talks. Here’s what to know US, Iran set for peace talks but doubts emerge over Lebanon, sanctions Proposed Trump arch in Washington DC includes winged figure, eagles, lions and gold inscriptions US-Iran peace talks in Pakistan: What will be discussed? US Vice President Vance arrives in Pakistan for crucial peace talks with Iran EU condemns ‘illegal’ Israeli expansion: 30 new West Bank settlements spark global outcry US intelligence indicates China preparing weapons shipment to Iran India, Japan discuss Strait of Hormuz security World shares mostly higher, oil gains ahead of planned US-Iran ceasefire talks Global growth to slow to 3.2% in 2026, amid largest energy shock on record due to West Asia crisis: S&P US, Iran prepare for ceasefire talks as Netanyahu authorises negotiations with Lebanon Zelenskyy says Ukrainian forces shot down Shahed drones in Middle Eastern countries during Iran war Trump ramps up threats against Iran on Hormuz before talks Trump's tenuous Iran exit plan isn't healing Republican rifts exposed by the war Vance sets off to Pakistan to lead talks with Iran as war’s ceasefire remains shaky Former Iran FM Kamal Kharrazi dies from wounds sustained in US-Israeli attack: Reports Russia's Putin declares ceasefire in Ukraine for Orthodox Easter Kuwait claims Iran, proxies attacked it; Saudi flags damage to key pipeline Netanyahu authorises Israel Lebanon talks amid fragile ceasefire and Hezbollah tensions US economy slows to 0.5 per cent growth in fourth quarter amid shutdown impact The Latest: Ceasefire at risk over Israel’s attacks in Lebanon, possible mines in Strait of Hormuz "Israel will achieve its objectives by agreement or fighting": Netanyahu Trump rebukes NATO over Iran after meeting with alliance’s chief As US and Iran talk truce, Israel digs in for a 'forever war' Chart shows Iran may have put sea mines in Strait of Hormuz Trump says US military to stay around Iran until Tehran complies with deal Disney plans up to 1,000 job cuts amid marketing restructuring US claims victory over Iran as Hegseth says Tehran ‘begged’ for ceasefire JD Vance says US will not abide by ceasefire if Iran fails to reopen strait Netanyahu: ceasefire fragile, Israel ready for war again Russia offers sanctioned LNG to energy-hungry Asia at a discount Does the Iran ceasefire mean the fuel crisis is over? Not even close Iran warns of ceasefire collapse as Israel continues strikes in Lebanon What is US-Iran peace deal & what it means for India Iran and US delegations to hold talks in Islamabad on April 10 in diplomatic push Iran blocks Hormuz strait following Israeli attack on Lebanon, Fars says Trump says US will help with traffic buildup in Strait of Hormuz Travel demand for Dubai should normalise in six months, IHCL Puneet Chhatwal Trump says US won "total and complete victory" after ceasefire deal with Iran, AFP reports Israel backs US ceasefire with Iran but that deal doesn't cover fighting against Hezbollah in Lebanon: Netanyahu Missile alerts persist in Israel and UAE despite US-Iran ceasefire announcement Trump delays Iran strikes, backs two-week ceasefire and Strait of Hormuz reopening China pushes Iran toward ceasefire as US conflict raises global economic concerns Sri Lanka announces ‘relief package’ to help citizens cope with West Asia crisis Iran calls for human chains around power plants as Trump's deadline nears IEA chief: current oil and gas crisis worse than 1973, 1979, 2002 together May run for Venezuelan President, jokes Trump UN expected to vote on watered-down Hormuz resolution on Tuesday Saudi Arabia intercepts 7 missiles; debris falls near energy facilities Mojtaba Khamenei in severe condition in Qom as Trump issues Iran ultimatum Iran war left mark on NATO, rift began with Greenland: Trump US special operators involved in rescue mission of downed jet crew amid Iran tensions Trump says he’s unconcerned about war crimes as Iran threat escalates Iran defiant on eve of Trump's ceasefire deadline ‘Today will be largest volume of strikes’: US Secy of War Pete Hegseth warns Iran Trump warns of strikes on Iran civilian infrastructure if ceasefire fails by deadline South Pars natural gas hub: Iran’s critical energy lifeline under strike Trump says he will finish war with Iran, warns against nuclear weapons in lunatic hands Trump warns Iran could be ‘taken out in one night, maybe tomorrow’ as Hormuz deadline nears Trump threatens jail for journalist over report on US airman rescue in Iran Tehran rejects latest ceasefire proposal, wants permanent end to the war: Iran's state media Qatar PM discussed importance of freedom of navigation with Jaishankar: Qatar Foreign Ministry
US says $20.6 billion of tariff refunds on the way to importers
By Bloomberg · 2026-05-27 · via World News Today, International News Headlines | The HinduBusinessLine
FILE PHOTO: US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, on April 2, 2025.

FILE PHOTO: US President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, on April 2, 2025. | Photo Credit: Carlos Barria

Approximately $20.6 billion is on its way to importers who successfully filed claims using the new web portal developed by US Customs and Border Protection, the agency said Tuesday in a court filing.

However, the government’s latest declaration to the US Court of International Trade also included an admission of a significant error in its last report to the federal judge overseeing the tariff refund process, showing the value of the refunds being processed in the early weeks of the programme was far lower than previously thought.

Two weeks ago, a US trade official said that more than $35.5 billion in refund claims were being processed. Yet that number “was overstated by approximately $10 billion,” according to Brandon Lord, executive director of trade programmes for CBP’s Office of Trade. The actual amount was closer to $25 billion. 

“This was not a reflection of any error in CAPE processing or refunds, but rather was the result of an inadvertent error in the data query used to calculate the figure,” said Lord, referring the Consolidated Administration and Processing of Entries, which it developed following the Supreme Court’s decision that overturned a large swath of President Donald Trump’s tariffs.

Approximately $85 billion in both potential and certified refunds have been accepted for processing in CAPE as of May 22, he wrote. The $20.6 billion figure reflects money that’s made it to the final stage of being disbursed to importers. 

Lord said that number includes interest as well as the base amount in tariffs, but didn’t include a breakdown of those two amounts.

CBP is in the process of issuing refunds to importers who paid as much as $166 billion across more than 53 million import entries. The effort is being overseen by the Court of International Trade, which has requested regular updates from the agency.

According to Tuesday’s update, nearly 16 million entries with duties imposed under the International Economic Emergency Powers Act, or IEEPA, had been accepted in the first phase of the refund effort, and 8.5 million of those have been reprocessed without the duties and certified for repayment to importers.

Lord also noted in the filing Tuesday that more than 4,000 consolidated refund payments haven’t been sent to the Treasury Department yet because importers haven’t set up digital payment capability.  

More stories like this are available on bloomberg.com

©2026 Bloomberg L.P.

Published on May 27, 2026