The refund of equivalent tariffs is coming. According to Reuters, on April 20th (next Monday), the US Customs and Border Protection (CBP) will officially launch the CAPE (Consolidated Administration and Processing of Entries) tariff refund system. 1) Total refund: about 166 billion US dollars. This is a global tariff levied by the Trump government in accordance with the International Emergency Economic Powers Act (IEEPA). It will be refunded after the Supreme Court of the United States ruled it illegal in February 2026 (the president exceeded his authority). 2) Refund method: Adopting a one-time electronic payment form (including applicable interest) instead of processing each transaction, greatly simplifying the process. Launch the first phase in stages to prioritize recent imported goods and simple entry cases; Some complex entries (involving $2.9 billion in tariffs) may require manual processing. 3) The refund object is the US importer (enterprise), rather than directly returning to the consumer, and the US International Trade Court is supervising the entire process. Personally, it has a direct impact on: 1) Increased the company's profits and improved EPS.; 2) The most direct change is the change in liquidity When these tariffs were collected, the funds had already entered the TGA account of the Ministry of Finance (as government revenue), and now CBP issues refunds to importers through the CAPE system. The refund process essentially involves the government disbursing funds from TGA to private importers: the TGA balance will decrease and the funds will flow into the commercial banking system. The result is an increase in bank reserves, which can also boost liquidity. Of course, the key also depends on the time period of tax refund. According to the latest official page of Customs and Border Protection, the payment period is 60-90 days. That means from June 20th to July 20th, the refund of tariffs will be gradually credited to the account.