UPS and FedEx pledge to pass $5 billion in tariff refunds to customers
UPS and FedEx said they will forward any tariff refunds they receive from the U.S. Treasury to the shippers and consumers who originally paid the duties.
Following a Supreme Court ruling that invalidated tariffs imposed under the Trump administration, Treasury Secretary Scott Bessent expressed doubt that the public would see the $166 billion in collected duties returned. In response, UPS and Fed Ex disclosed that they are filing for refunds through Customs Customs and Border Protection’s new CAPE platform and will remit any recovered funds directly to the importers and end-users who bore the costs.
UPS CEO Carol Tome said about $5 billion could be reclaimed and that the company will return it as soon as it is received. FedEx, which previously sued the administration for a full refund, reiterated its commitment to reimburse customers. Both firms have started the refund-application process, while CBP expects the first payouts to be distributed within 60-90 days after applications are processed.
