FedEx and UPS announced this week their intention to refund tariff duties to their customers, with a total amount estimated at approximately $5 billion. UPS CEO Carol Tome stated that the company is working with U.S. Customs to file a refund application and will immediately pass the funds back to customers upon receipt. FedEx had already announced in February its intention to issue refunds and estimated it would take a $1 billion hit over the fiscal year ending May 31. CBP will distribute payouts within 60 to 90 days after processing applications, while American households bore approximately 90% of the tariff costs, according to Federal Reserve data.
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