Amazon disclosed it received approximately $600 million in tariff refunds in the second quarter after the Supreme Court invalidated the tariffs imposed by Donald Trump under the International Emergency Economic Powers Act of 1977. Finance chief Brian Olsavsky said the company would return some of the refunds to customers in limited circumstances where it could trace specific import charges passed on to consumers. In February, the Supreme Court forced the government to repay duties to companies that imported goods hit by the tariffs, and major retailers including Apple, Walmart, Costco and Home Depot said they would apply for refunds. Apple reported that tariff refunds boosted its earnings per share by 5%, or 11 cents, in the third quarter. Third-party sellers, who account for more than 60% of goods sold on Amazon’s marketplace and were forced to raise prices due to the levies, have separately applied to receive their own tariff refunds.
Source: Read the original article
