Pakistan says Trump-led call with regional leaders helped achieve \u2018meaningful progress\u2019 in U.S.-Iran talks<\/a><\/p>\nStill, issues with electronic filings stemming from the chaotic tariff rollout can lead to rejections, and many importers remain skeptical that the system will work for their more complex entries.<\/p>\n
According to the first flurry of analyst calls and other earnings announcements, executives are balancing the need to answer Wall Street\u2019s financial questions against their uncertainty about the amount and timing of reimbursements.<\/p>\n
Saying too much about refunds invites not just Trump\u2019s scorn but also legal challenges from consumers clamoring for a piece of the payout.<\/p>\n
Lawsuit Risk\u201cI counsel against public statements regarding impacts of the tariffs or tariff refunds due to the risk of class-action suits as well as other customer and supplier considerations,\u201d said Angela Santos, who leads the customs practice at ArentFox Schiff LLP in New York.<\/p>\n
Companies including Nike Inc., Lululemon Athletica Inc. and Amazon.com Inc. have been hit recently by lawsuits from customers who allege they\u2019re owed a refund because they paid higher prices as a result of tariffs that were ultimately deemed unlawful.<\/p>\n
A lawsuit filed May 15 accused Amazon of profiting off \u201chundreds of millions of dollars in unlawful tariff costs\u201d and of forgoing refunds in order to \u201cingratiate itself with Trump.\u201d The class action is a bid to force the e-commerce giant to seek, and pass along, refunds. The company has not publicly stated whether it has or will pursue reimbursements.<\/p>\n
Costco Wholesale Corp. is one of thousands of companies that sued the Trump administration over IEEPA refunds, but didn\u2019t indicate whether it had applied for reimbursements via the customs portal in a court filing submitted May 18. The retailer argued that a consumer class-action lawsuit should be dismissed and stated that \u201cCostco has received no tariff refunds yet.\u201d<\/p>\n
US households struggling with higher gasoline and food costs may see some indirect benefits even though refunds aren\u2019t flowing straight to consumers, according to Stephen Juneau, an economist at Bank of America Corp.<\/p>\n
\u201cImporters that receive refunds will likely use the money to offset rising energy and shipping costs,\u201d Juneau wrote in a May 20 note to clients. \u201cThey may also offer some type of consumer relief, which surveys suggest is more likely to come in the form of slower price hikes rather than a direct benefit to consumers. Therefore, the refunds could be a modest disinflationary force in ahead of midterms,\u201d he said, referring to November congressional elections.<\/p>\n
Many of America\u2019s largest corporations are pursuing refunds, even if they\u2019re not sharing much.<\/p>\n
Refund Seekers\u201cI haven\u2019t heard anybody say they weren\u2019t going to file,\u201d said Tony Gulotta, leader of Ryan\u2019s national tax practice in New York.<\/p>\n
Apple Inc. is one of the largest companies so far to confirm it\u2019s going after refunds. Chief Executive Officer Tim Cook said the iPhone maker is \u201cfollowing the established processes, and we plan to reinvest any amount we receive back into US innovation and advanced manufacturing.\u201d<\/p>\n
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Bloomberg
Gene-sequencing giant Illumina Inc., whose CEO Jacob Thaysen joined Trump and more than a dozen other executives including Cook on a trip to China earlier this month, said in a May 4 filing it intends to seek refunds after incurring \u201csignificant costs under IEEPA-related tariffs,\u201d while noting the uncertainty surrounding later phases of the CBP\u2019s refund plan.<\/p>\n
Home Depot Inc. Chief Financial Officer Richard McPhail said on Tuesday he expected refunds to provide \u201csignificant offsets\u201d to increased fuel and transportation costs. While McPhail didn\u2019t say how much the company was expecting, he did say the first refunds had already been received.<\/p>\n
TJX Cos. CFO John Klinger confirmed Wednesday the parent of cut-price retailer TJ Maxx had filed for refunds, but demurred on providing numbers.<\/p>\n
According to an April estimate from Citigroup Inc., Home Depot could recover about $540 million, while TJX may be due $400 million.<\/p>\n
Walmart on Thursday said it\u2019s seeking refunds for goods estimated to be worth \u201cless than half of 1% of our US annual sales,\u201d without offering more specifics.<\/p>\n
Some companies have already incorporated expected refunds into earnings, boosting profits and outlooks in ways that have drawn scrutiny from investors.<\/p>\n
General Motors Co. raised its full-year outlook to reflect about $500 million in expected tariff refunds, though shares fell after the automaker warned costs tied to the Iran conflict would rise. Ford Motor Co.\u2019s shares also declined after analysts noted its earnings beat was driven largely by claims of a $1.3 billion tariff refund.<\/p>\n
Similarly, Netherlands-based Stellantis NV booked a one-time gain of around \u20ac400 million ($465 million) for expected future tariff refunds, but saw its shares slide.<\/p>\n
More CautiousSeveral companies said they plan to file for refunds while pointing to uncertainty around when they\u2019ll get them.<\/p>\n
Toymaker Hasbro Inc. told investors on Wednesday it has roughly $50 million in IEEPA claims that are disqualified from Phase 1 refunds, because they\u2019re tied up in a process with CBP called reconciliation.<\/p>\n
\u201cWe\u2019re still waiting to understand when the government is going to get to that piece of the rebate process,\u201d Hasbro CFO Gina Goetter said.<\/p>\n
Weyco Group Inc., the owner of Trump\u2019s favored shoe company Florsheim, told investors May 6 that it applied for refunds as soon as the portal opened and that IEEPA tariffs had led to reduced margins and forced the company to raise consumer prices.<\/p>\n
\u2018Working Hard\u2019Polaris Inc., the maker of off-road vehicles and boats, is seeking about $125 million of IEEPA refunds. \u201cWe\u2019ll be working hard to get that money that\u2019s rightfully ours,\u201d CEO Michael Speetzen said April 28.<\/p>\n
Funko Inc. said it was taking steps to obtain refunds from the government on about $20 million, while also considering selling the rights to its IEEPA claims.<\/p>\n
\u201cThere is also a market to monetize tariff claims, and we\u2019re kind of exploring all of our options at this point,\u201d the toymaker\u2019s CFO, Yves LePendeven, said earlier this month.<\/p>\n
Tesla Inc., founded by Trump administration ally Elon Musk, acknowledged it may be eligible for refunds, but \u201cthere is still a lot of uncertainty around the final outcome,\u201d CFO Vaibhav Taneja said April 22. The electric-vehicle maker also said it was tracking whether it will have to issue its own refunds to certain battery-storage customers.<\/p>\n
Bloomberg
In the meantime, billions of dollars owed to importers will remain in the Treasury Department while some struggle to file claims before their entries time out of Phase 1 eligibility, Ryan\u2019s Gulotta said. Others must wait while CBP builds out new capabilities in the refund portal and irons out some legal issues surrounding older and more complex entries.<\/p>\n
While there is no cost to file for refunds with CBP, the administrative burden for companies can be expensive. \u201cOne dollar of IEEPA refund does not truly equate to $1 recovery, so companies may not be able to pass the full recovery back,\u201d said Santos of ArentFox.<\/p>\n","protected":false},"excerpt":{"rendered":"Companies in the US are wary of saying too much about one particular nugget of good news for…\n","protected":false},"author":2,"featured_media":662810,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,290035,101,290028,290032,290030,290033,5736,290031,290029,290027,290034],"class_list":["post-662809","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-corporate-tax-refunds-tariffs","tag-economy","tag-ieepa-tariffs","tag-import-duty-refunds-usa","tag-tariff-refund-claims","tag-trade-policy-trump","tag-trump-tariffs","tag-us-companies-tariffs","tag-us-customs-refunds","tag-us-tariff-refunds","tag-us-china-trade-tariffs"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/662809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=662809"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/662809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/662810"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=662809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=662809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=662809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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