FedEx and UPS to Refund Customers Following Supreme Court Ruling on Tariffs
FedEx, UPS pledge to refund customers after Supreme Court tariff decision
Fox Business
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FedEx and UPS have pledged to refund customers after a Supreme Court ruling invalidated certain tariffs imposed during the Trump administration. The decision could lead to approximately $166 billion in reimbursements for businesses, as the federal government processes claims under the International Emergency Economic Powers Act (IEEPA).
- 01FedEx and UPS will refund customers for tariffs collected under the IEEPA.
- 02The Supreme Court ruling could lead to refunds totaling approximately $166 billion.
- 03UPS processed 16 million IEEPA-related entries and remitted over $5 billion in tariffs.
- 04The refund system began on April 20, with expectations for most valid claims processed within 60 to 90 days.
- 05The ruling does not affect other existing trade measures that may still impose tariffs.
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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 TomeΜ 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.
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Businesses that paid tariffs under the IEEPA can expect significant refunds, which may improve their cash flow and financial stability.
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