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Companies See First Tariff Refund Payments
5 Jun
Summary
- Importers received partial payments for invalidated Trump-era tariffs.
- The U.S. government ordered to refund up to $166 billion in tariffs.
- Some customers are seeking refunds passed from importers.
Importers are beginning to receive partial refunds for import tariffs previously deemed illegal by the U.S. Supreme Court. Companies like Oshkosh Corp and Basic Fun have confirmed receiving initial payments, though the flow of funds is described as slow. The total amount to be refunded by the U.S. government could reach $166 billion.
As of May 11, U.S. Customs and Border Protection anticipated refunding $35.46 billion on over 8.3 million processed shipments. Previously, by early April, importers had completed steps for refunds totaling $127 billion. Importers are also facing demands from their customers seeking to recoup costs associated with the tariffs.
Some businesses, like appliance importer Danby, have not yet received any refunds but are considering passing them on to customers. The process of seeking refunds involves costs, including consultant fees, which can impact the net amount received by the importer.
