Now Reading: USD 128.7 billion tariff refunds reach US firms, Apple gets Rs 18,400 crore
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USD 128.7 billion tariff refunds reach US firms, Apple gets Rs 18,400 crore
USD 128.7 billion tariff refunds reach US firms, Apple gets Rs 18,400 crore
Shipping companies FedEx, UPS, and DHL have begun passing on tariff refunds to customers after the US Supreme Court struck down sweeping duties imposed under the 1977 International Emergency Economic Powers Act.…
The Story in Brief
Shipping companies FedEx, UPS, and DHL have begun passing on tariff refunds to customers after the US Supreme Court struck down sweeping duties imposed under the 1977 International Emergency Economic Powers Act. FedEx has disbursed USD 800 million, while Apple reported receiving nearly USD 2.2 billion (about Rs 18,400 crore). Over 40 S&P 500 firms have collectively reported USD 9.6 billion in refunds, according to the Hindustan Times.
US Customs and Border Protection has accepted USD 128.7 billion in refund applications so far. Shipping firms are refunding consumers who paid import duties directly, with credits going to credit cards or bank accounts. Major retailers like Costco have said they will pass refunds to customers in some form. Over 80 class-action lawsuits have been filed against companies like Amazon and Nike by consumers seeking refunds on tariff costs passed on through higher prices.
The Indian Opinion
The swift refund process to big corporations like Apple and Nike shows the US system can move fast when it suits powerful interests. Yet the average American household, which bore an estimated USD 1,000 tariff tax increase last year, is left chasing refunds through shippers' portals or joining class-action lawsuits. The real test is not how fast Apple gets its billions back, but how much of that money reaches households that paid higher prices for imported goods. Will Costco's promised pass-through actually arrive before the lawsuits run their course?
Sources (2): livemint.com, hindustantimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
