FedEx and UPS announced their intention to refund customers following a recent Supreme Court ruling that invalidated tariffs imposed under the International Emergency Economic Powers Act (IEEPA). This ruling could result in approximately $166 billion in refunds to businesses, as the federal government begins processing claims. UPS CEO Carol Tomé highlighted that the company processed 16 million IEEPA-related entries, remitting over $5 billion in tariffs to the U.S. Treasury. Both companies emphasized their role as intermediaries in the tariff collection process, stating that once refunds are issued by U.S. Customs and Border Protection (CBP), the money will be returned to customers. The phased refund system commenced on April 20, with most valid claims expected to be processed within 60 to 90 days. Although the refunds are not anticipated to significantly affect the financial results of FedEx and UPS, the ruling underscores the broader economic implications of the tariffs, which have disrupted global trade and impacted corporate earnings across various sectors.