ABC News: Top Stories | First wave of tariff refunds will hit some businesses tomorrow
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The first wave of tariff refunds is set to start hitting American businesses’ bank accounts, with U.S. Customs and Border Protection reporting that over 330,000 importers paid $166 billion in tariffs under the International Emergency Economic Powers Act before the Supreme Court ruled the program illegal. By April 26, at least 75,000 firms had applied for refunds through a new online portal, though about 15 % of claims were rejected for errors or ineligible shipments. Large companies anticipate sizable payouts—Walmart reportedly is due $10 billion, Target $2 billion, Nike $1 billion and Macy’s $320 million—and say the money will be used to pay down debt, rehire staff, restock inventory, or possibly lower prices, rather than being passed directly to consumers. Shipping firms such as UPS, FedEx, and DHL will refund customers for packages affected by the tariffs, but shoppers should not expect personal rebates for higher prices paid last year, which the Tax Foundation estimates cost the average household roughly $700.
Read more: https://abcnews.com/Business/wave-tariff-refunds-hit-businesses-tomorrow/story?id=132854062







