Bessent Says FedEx Must Explain How It Will Return Tariff Refunds to Consumers

[Financial News] United States Secretary of the Treasury Scott Bessent stated that FedEx Corporation, which has filed a lawsuit demanding expedited tariff refunds, must explain how any refunded tariffs will actually be passed back to consumers.
In an interview with NBC News on the 25th (local time), Secretary Bessent said, "If FedEx passed those costs on to consumers, it needs to explain how it will return the refunds to them."
Earlier, after the Supreme Court of the United States (SCOTUS) ruled that President Donald Trump’s use of emergency authority to impose import tariffs exceeded legal limits, FedEx filed a lawsuit seeking refunds with the United States Court of International Trade. Following this move, French cosmetics company L'Oréal, British home appliance maker Dyson, and contact lens manufacturer Bausch + Lomb also joined refund lawsuits, and Bessent’s remarks were aimed at these efforts.
Bessent also pointed to FedEx CEO Raj Subramaniam’s participation in the U.S.-China Business Council and remarked, "China is the largest payer of U.S. tariffs." However, this claim contradicts a report released earlier this month by the Federal Reserve Bank of New York (FRBNY), which concluded that U.S. consumers have borne virtually all of the additional tariff costs imposed under the Trump administration.
In response to the controversy, FedEx has posted a notice at the top of its website explaining how the ruling could affect customers. The company stated, "If refunds are issued, we will return them to the shippers and consumers who actually bore the costs," adding, "The specific procedures and timing of any refunds may change depending on further guidance from the government and the courts."
Roughly 175 billion dollars (about 249.27 trillion won) in U.S. tariff revenue is believed to be potentially subject to refunds. Secretary Bessent previously told CNN that "whether refunds are granted depends on the lower courts," and he reiterated in the NBC interview that "we will follow the lower court rulings."
whywani@fnnews.com Reporter Hong Chae-wan Reporter