Tariff Refunds Split Companies as Consumers Demand Share of $166B
Summary
Major American companies are receiving refunds after the Supreme Court struck down many of President Trump’s tariffs in February. Some companies, like Amazon, plan to share those refunds with customers, while others have not made such promises.Key Facts
- The Supreme Court ruled most of President Trump’s tariffs unlawful under a 1977 law called the International Emergency Economic Powers Act (IEEPA).
- Over 330,000 importers paid tariffs on more than 53 million shipments, totaling about $166 billion, much of which is being refunded.
- Amazon received about $600 million in tariff refunds last quarter and will refund affected customers in certain cases.
- Apple expects up to $2.2 billion in tariff refunds and said this helped boost its strongest June quarter ever.
- Ford and General Motors expect rebates of $1.3 billion and $500 million, respectively.
- Nike is awaiting nearly $1 billion in tariff recoveries this year.
- Some companies, like Nintendo, argue customers agreed to price increases and should not receive part of the refunds.
- Experts say not all tariffs paid will be refunded because some importers did not apply or went out of business.
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