The initial wave of refunds for tariffs deemed unconstitutional by the Supreme Court has started to reach companies. Oshkosh Corporation, a manufacturer of specialty vehicles and equipment, confirmed to CNBC that it has begun receiving payments related to its tariff refund claims. While the company has started to receive funds, it has not yet finalized the total amount of its refund.
Matt Field, the Chief Financial Officer of Oshkosh Corporation, stated that the company has commenced receiving payments following the acceptance of its initial filing. These payments represent an initial portion of the total claims submitted by the company. Field indicated that the verification of the complete refund sum is still pending.
Basic Fun, a company known for brands such as Care Bears and Tonka trucks, also reported to CNBC that it began receiving tariff refunds on Tuesday. The company's CEO, Jay Foreman, mentioned that the refunds received thus far account for only 5% of the company's total claim for its earlier invoices.
Foreman elaborated on the company's plans for the refunded money, stating, "We will utilize the refund dollars to help support our 2026 cash flow and invest in our team. This is the toughest time of the year for toy companies." He added that the company would also be announcing salary increases, promotions, and merit raises to its staff to help offset the rising cost of living, emphasizing a reinvestment in both the business and its employees.
Logistics providers including UPS, FedEx, and DHL had previously announced their intention to file for tariff refunds on behalf of their clients. These companies indicated that customers would not need to take any further action on their part.
The current phase of tariff refunds is limited to requests for entries that the U.S. Customs and Border Protection (CBP) finalized within the last 80 days. The process for these refunds could extend over several months before the funds are fully disbursed to the customers.
According to a court filing from the CBP on Monday morning, the agency anticipated disbursing approximately $35.46 billion in refunds. This amount is expected to cover 8.3 million distinct shipments.
In February, the Supreme Court invalidated tariffs previously imposed by President Donald Trump. These tariffs were enacted under the International Emergency Economic Powers Act of 1977. Following this ruling, businesses began the process of filing for tariff refunds through a dedicated portal known as the Consolidated Administration and Processing of Entries.
During a radio interview on Tuesday morning, President Trump commented on the situation, describing the tariff refund process as "crazy." He expressed his intention to contest the requirement to repay the tariffs, stating, "In theory, you have to pay the tariffs back. We'll fight that." Trump also reflected on the revenue generated from these tariffs, noting, "We were taking in fortunes from people that hate us, countries and companies that hate us."
