Companies start getting tariff refunds after Supreme Court decision
CNBC • • business
Key Points:
- Oshkosh Corporation and Basic Fun have begun receiving the first round of tariff refunds following a Supreme Court ruling that deemed some tariffs unconstitutional.
- Oshkosh has started receiving payments on its refund claims but has yet to verify the total refund amount, while Basic Fun has received about 5% of its total claim and plans to reinvest the funds in its business and employees.
- Logistics companies UPS, FedEx, and DHL are filing for tariff refunds on behalf of their customers, with the initial refund phase covering entries finalized within the past 80 days, a process expected to take months.
- U.S. Customs and Border Protection anticipates paying $35.46 billion in refunds on 8.3 million shipments, following the Supreme Court's February decision invalidating tariffs imposed under the International Emergency Economic Powers Act.
- Former President Donald Trump criticized the refund process, calling it "crazy" and expressing opposition to reimbursing tariffs collected during his administration.