CAPE Update: Phase 2 Nears as Accepted Claims Approach $95 Billion

The latest declaration

As of June 5, CBP reported 181,155 CAPE declarations, of which 125,576 passed file validation. CAPE had accepted 16.74 million entries for processing and had liquidated or reliquidated approximately 10.60 million entries without the IEEPA duties.

The anticipated refund amount accepted for processing had reached approximately $94.94 billion. CBP reported $23.68 billion completed, certified, and sent to Treasury for disbursement.

Phase 2 is targeted for June 29

CBP says it is targeting June 29 for the second phase of CAPE, which is intended to address certain entries flagged for reconciliation. That expansion is significant, but it should not be confused with a solution for every old or finally liquidated entry.

Importers should continue separating entries into categories: currently CAPE-eligible, potentially Phase 2 eligible, rejected, omitted, protested, and beyond CBP's voluntary reliquidation authority.

THE BOTTOM LINE: The volume is increasing quickly, but the core task remains entry-by-entry reconciliation. Aggregate numbers do not tell an individual importer whether it has recovered everything it is owed.