April 15, 2026
In this article, Politico reports on the global secondary market for IEEPA tariff refund claims, tracing how hedge funds and institutional investors are purchasing refund rights from importers who cannot afford to wait for government disbursement. Seaport Global’s Wes Harrell was quoted throughout the piece, describing pricing dynamics, buyer appetite, and the structural uncertainty that continues to shape how claims are valued.
Key takeaways:
- Before the Supreme Court struck down IEEPA tariffs in February, U.S. importers paid $166 billion in duties. Importers are now eligible to seek refunds, but the timeline for government disbursement is unclear, and the Trump administration is expected to contest or slow the process.
- Refund claims were trading at 20 to 40 cents on the dollar before the Supreme Court ruling. Post-ruling, larger claims with high-quality sellers are now reaching up to 70 cents on the dollar, according to Wes Harrell, head of Seaport Global’s trading group.
- Some importers are selling 50-75% of their refund rather than the full claim, using partial sales to hedge legal and process uncertainty while retaining upside. Seaport Global’s role is connecting those sellers with institutional buyers, which include hedge funds.
- CBP’s CAPE portal is set to begin accepting refund claims April 20 and will roll out in phases. Payments may take up to 45 days to process through the new system, and the initial launch will cover only recent, straightforward entries. Historical precedent suggests full disbursement could take years.
Read the full article here.
Contact Seaport Global to evaluate your IEEPA claim.
Seaport Global and Seaport Loan Products LLC provide financial services and are not engaged in the practice of law. This post is for informational purposes only and does not constitute legal or financial advice. Companies should consult qualified trade counsel regarding their specific legal rights and obligations.
