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The measure would prioritize refunds to small businesses and encourages importers, wholesalers and large companies to pass the refunds on to their customers.

Companies have had to find ways to absorb the new expense by passing it along to customers in the form of higher prices, employing fewer workers or accepting lower profits.

The White House confirmed on Feb. 2 the start of “Project Vault,” which would initially be funded by a $10 billion loan from the U.S. Export-Import Bank and nearly $1.67 billion in private capital.

Among the companies attending are Chevron, which still operates in Venezuela, and Exxon Mobil and ConocoPhillips, which both had oil projects in the country that were lost in 2007.

Just after midnight, goods from more than 60 countries and the European Union became subject to tariff rates of 10% or higher.

When Trump signed the order late July 31 imposing new tariffs, the start date of the punishing import taxes was pushed back seven days so the tariff schedule could be updated.

Trump said that goods from Mexico imported into the U.S. would continue to face a 25% tariff, and that autos would face a 25% tariff, while copper, aluminum and steel would be taxed at 50%.

The 15% tax on imported Japanese goods is a meaningful drop from the 25% rate that Trump, in a recent letter to Japanese Prime Minister Shigeru Ishiba, said would be levied starting Aug. 1.

President Donald Trump told reporters July 15 that he plans to place tariffs of over 10% on smaller countries, including nations in Africa and the Caribbean.

President Donald Trump said in a letter that he will raise taxes on many imported goods from Canada to 35%, deepening a rift between two North American countries.