24 Hrs
Source:
Los Angeles Times
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Unexpected tariff refunds impacting credit cards
Shippers like FedEx and UPS are beginning to return tariff refunds to customers following a U.S. Supreme Court ruling that ordered the government to reverse tariffs imposed during the Trump administration. FedEx has started issuing approximately $800 million in refunds, while UPS has applied for $500 million in reimbursements, with customers expected to receive refunds within one to three months. Major retailers such as Amazon, Costco, and Best Buy are largely using any received tariff refunds to reduce prices or absorb higher costs, rather than providing direct refunds to consumers. Numerous class-action lawsuits have been filed by customers seeking refunds for higher prices caused by tariffs, though proving specific price increases were due solely to tariffs remains challenging.
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