Understanding IEEPA Tariff Claims

Beginning in early 2025, the administration used the International Emergency Economic Powers Act (IEEPA) to impose broad import duties, including reciprocal tariffs on goods from most countries and additional duties on imports from China, Canada, and Mexico.

On February 20, 2026, the U.S. Supreme Court struck down these tariffs, holding IEEPA does not clearly authorize the imposition of duties.

An IEEPA tariff claim is a formal claim for a refund of duties paid under these now-invalidated executive orders.

The Court of International Trade (CIT) and U.S. Customs and Border Protection (CBP) continue to provide updates regarding liquidated and unliquidated entry distinctions and the potential mechanics of refund processing.

At this time, no formal mandates or timeline have been established, and the overall process remains uncertain as additional guidance continues to emerge.

The importer of record that paid duties under IEEPA on goods imported into the United States. In most cases, this is the U.S.-based company or individual listed on the customs entry as responsible for the shipment, typically the buyer, distributor, or domestic subsidiary of a foreign manufacturer.

No, eligibility depends on whether the entity filing is the importer of record and whether it can document that it bore the economic burden of the tariffs.

Yes, if the importer of record was a U.S. domiciled entity and paid duties under IEEPA.

Typically, the acquiring company inherits the acquiree’s rights, title, and interests in any refunds of IEEPA duties paid. As long as the acquirer can demonstrate that it is the beneficial owner of the importer of record, the change in ownership generally should not affect the ability to monetize or sell the claim.

No, the importer of record remains the named claimant. The seller participates the economic rights to the refund to the buyer through a Participation Agreement, while continuing to hold legal title to the claim. The seller continues to cooperate in pursuing the claim, but the buyer assumes the economic exposure.

If refunds are ultimately issued, the proceeds are distributed according to the terms of the transaction.

Importers should pull all import data for affected entries from the Automated Commercial Environment (ACE), CBP’s online tracking system. This may include commercial invoices, entry summaries, and proof of IEEPA-related customs payments.

Yes, importers should also be ready to provide financial statements (under NDA), tax returns and other credit review metrics as part of this process.

No, filing a complaint with the Court of International Trade is not a requirement. That said, if you have already filed one, include it in your documentation package along with any correspondence or confirmation of receipt from the court.

Tariff claims sales are implemented pursuant to a Participation Agreement between a seller and an institutional buyer. Through this agreement, you transfer the rights to any future tariff refunds on your eligible shipments in exchange for an upfront cash payment. That payment is set at a negotiated percentage of your total expected refund. The buyer takes on the financial risk and typically manages the legal strategy from that point forward with costs shared proportionally.

Here’s a simple example: If you paid $10 million in IEEPA tariffs on eligible shipments, and a buyer quotes a 50% purchase rate, you’d receive $5 million in cash at closing.

Pricing is determined by market demand and the specific characteristics of each claim. Buyers typically consider factors such as the size of the claim, the credit profile of the seller, whether a complaint has been filed with the Court of International Trade, and the legal and administrative work required to pursue the refund.

Seaport works with a range of institutional investors active in this market and engages them directly to determine the most competitive bid available for each claim.

One of our experienced claims trading specialists can give you a more specific range once they’ve reviewed your data.

Most transactions close within 2-4 weeks from initial consultation to funding. The typical steps are:

• An introductory call with a Seaport claims trading specialist
• Signing an NDA and sharing your customs data
• Identifying the best buyer for pricing and structure
• Agreeing on terms and signing a Trade Confirmation
• Buyer due diligence
• Executing the Participation Agreement
• Releasing funds to you

There’s no hard minimum, but claims in the range of $5-10 million or more tend to attract better pricing and more buyer interest. Smaller claims can still be evaluated, but it depends on whether there’s a suitable counterparty willing to take them on.

Yes, sellers can choose to monetize either their entire claim or only a portion of it.

Partial sales are often viewed favorably by the market because they allow companies to hedge their exposure while retaining upside on any unsold portion. They also help align the interests of both the buyer and seller in pursuing refunds.

Buyers are generally focused on larger claims from creditworthy counterparties. Because the legal and administrative process is unique to each transaction, there is a preference for scale.

Since these transactions are structured through a Participation Agreement, the credit quality of the seller is also an important consideration.

While not required, sellers who have already filed a complaint with the Court of International Trade are often viewed favorably by the market.

We recommend consulting a tariff or import attorney to determine whether filing a complaint is appropriate for your situation. While filing is not required to sell your claim, it can influence pricing and the pool of interested buyers.

To kick off the process, you’ll typically need CBP reports showing duties paid under IEEPA, your ACE import data, and your importer ID numbers. If you’ve already filed a complaint with the Court of International Trade, that should be included along with any follow-on correspondence. On the seller side, buyers will also want audited financials, any relevant lender reports, and budget materials.

Seaport Global is a boutique financial institution with over 350 professionals across 25+ offices worldwide. For more than 25 years, we’ve specialized in distressed, complex, and hard-to-value assets. Claims trading is a core part of our practice.

Our dedicated claims desk has helped clients unlock billions of dollars from assets including tariff claims, litigation claims, tax credits, and liquidation recoveries. We bring direct access to institutional buyers, deep structuring experience, and a straightforward execution process designed to help sellers get the best outcome with minimal friction.

Yes, Seaport acts as a broker on behalf of sellers. We work with companies holding tariff refund claims to identify qualified institutional buyers and help facilitate transactions based on each seller’s specific objectives.

Yes, Seaport treats all potential transactions on a strictly confidential basis. We typically enter into a non-disclosure agreement before reviewing claim documentation or sharing information with potential buyers.

Information is only shared with qualified institutional investors evaluating the opportunity and always subject to appropriate confidentiality protections.

Seaport has over 25 years of experience trading claims across some of the most complex situations in the market, including Lehman Brothers, Madoff, Visa/Mastercard antitrust settlements, and Employee Retention Credits.

Over that time, we have developed an institutional network of asset managers that allows us to identify and approach the right counterparty for each transaction. Because we work on behalf of sellers, our focus is on optimizing price while minimizing friction to deliver the highest level of execution.

To evaluate your claim and approach potential buyers, we will need your CBP import data along with recent financial statements. This allows us to assess the size and structure of your claim and present the opportunity accurately to institutional investors.

Once we have reviewed your documentation, we identify the buyers best suited for your claim based on the pricing and structure you are seeking. We then approach those buyers on your behalf and negotiate the terms of the transaction.

When a buyer is selected, both parties execute a Trade Confirmation, which locks in the key commercial terms. This is followed by a Participation Agreement, a more detailed document that formally participates your rights, title, and interest in any future refunds to the buyer. Once the participation agreement is executed, funds are wired to you and the buyer assumes the economic exposure to the claim.