Major U.S. Companies Recover $9.6 Billion in Tariffs Ruled Illegal...Apple Tops the List at $2.2 Billion

[Financial News] More than 40 major U.S. companies, including Apple Inc., Nike, and FedEx Corporation, have received refunds totaling $9.6 billion in tariffs, the Wall Street Journal (WSJ) reported on the 13th local time.
In February, the Supreme Court of the United States (SCOTUS) ruled that the "reciprocal tariffs" imposed by President Trump under the International Emergency Economic Powers Act (IEEPA) were illegal. According to U.S. Customs and Border Protection (CBP), more than 252,000 refund claims related to those tariffs had been filed as of the 31st of last month.
By the second quarter of this year, more than 40 companies in the Standard & Poor's S&P 500 Index had reported a combined $9.6 billion in refunds. Of that amount, at least $2.1 billion had already been received in cash.
The technology hardware sector received the largest refunds, with six companies reporting a combined $2.5 billion. About 90% of that came from Apple Inc. alone.
By company, Apple Inc. received the largest refund at $2.2 billion, followed by Nike, Inc. at $986 million, FedEx Corporation at $800 million, Amazon.com at $640 million, and General Motors (GM) at $500 million.
A customs official said last week that the amount of refunds filed for processing in federal court reached $128.7 billion, and that several companies have already received the full amount requested or are expected to receive it soon.
For some companies, the tariff refunds made a significant contribution to quarterly earnings.
Apple Inc. said its tariff refund added 11 cents to earnings per share (EPS) in the second quarter, accounting for about 5% of the quarter's total EPS.
GE HealthCare Technologies said that 18 cents of its $1.24 EPS came from tariff refunds. The company said it had received $107 million in refunds and expects to receive an additional $38 million.
About 10 capital goods companies, including Caterpillar Inc., Deere, Lockheed Martin Corporation, and Stanley Black & Decker, reported refunds totaling about $1.3 billion.
Some companies said they would share the refunds with consumers. FedEx Corporation said it will begin paying out the refunds to shippers and consumers starting in August.
Costco Wholesale Corporation said it plans to return the tariff refunds to consumers at roughly the same level as the tariff costs it passed on in some form, though the refund process could take several months. Costco is among the companies facing a consumer class-action lawsuit seeking reimbursement for higher prices caused by tariffs.
[email protected] Lee Seok-woo, international affairs Reporter