Major Retailers Line Up for Tariff Refunds

Several high-profile retailers have requested refunds for tariffs they paid under President Trump’s now-forbidden use of the International Emergency Economic Powers Act to impose such duties last year, CNBC reports. Among those seeking such reimbursements in the aftermath of the U.S. Supreme Court striking down that set of import taxes are: Walmart, Apple, Home Depot and Costco, along with some major players in other sectors of the economy, such as FedEx, General Motors and John Deere.

As of this posting, it was not known how much each of those companies had requested and whether they had gotten any payments yet. (Such companies can seek reimbursements via a federal government e-portal established for that purpose.)

But such refunds are clearly taking place. Thus far, CNBC reports, more than $35 billion in refund money has already been processed and is on its way to businesses’ bank accounts, U.S. Customs and Border Protection said in a court filing earlier this month. Overall, the government owes roughly $166 billion in refunds.

Such companies risk facing the wrath of Trump, CNBC notes, but adds that many of those doing so have “a strong business incentive to apply — as well as, for many, a fiduciary responsibility. Major companies have a chance to regain potentially billions of dollars and maximize returns for shareholders.”