Global shipping giant FedEx has filed a lawsuit seeking tariff refunds from the US administration after the Supreme Court threw out most of the import duties imposed last year.
FedEx, which transports goods into the US from many of the tariffed countries on behalf of its customers, said it has "suffered injury" caused by the now-cancelled tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The company said in the lawsuit it is seeking a full refund with interest of tariffs it paid, but did not mention a specific monetary figure.
Separately, FedEx posted a notice on its website saying it "has taken necessary action to protect the company's rights as an importer of record to seek duty refunds from US Customs and Border Protection" but that no refund process has been established by regulators or the courts at this time. FedEx is waiting for additional guidance from the US and the courts, the notice said.
The US had collected $133bn in tariffs under IEEPA as of December, but that amount has since likely risen to $175bn, according to economists at the University of Pennsylvania Wharton School.
Hundreds of companies, including refiners Valero and Marathon Petroleum have previously filed lawsuits seeking to recover tariffs they have paid to the US for imported goods.
But recovering the duties will be challenging due to the billions of dollars involved and the sheer number of importers that could be eligible for refunds. The upcoming refund process is likely to be a "mess" as the US may be required to refund "billions of dollars" to importers, associate supreme court justice Brett Kavanaugh wrote in a dissent to the Supreme Court's 6-3 decision throwing out the tariffs.
Trump said he is expecting a years-long court fight over whether his administration must refund the tariffs.
A new 10pc tariff on all US imports using a different law, Section 122 of the 1974 Trade Expansion Act, went into effect today, while Trump on 21 February said he will increased that tariff to 15pc tariff.
