See which Tennessee companies are asking for $3B in tariff refunds

• Major U.S. companies are seeking billions in refunds for tariffs that the Supreme Court struck down.
• It remains uncertain if customers will receive reimbursements, though some companies like UPS, FedEx, and Walmart have announced plans to pass on savings.
• A USA TODAY analysis found at least 90 publicly traded companies plan to seek refunds, with some having a significant presence in Tennessee.

Some of the United States’ largest companies are seeking billions in tariff refunds from the government, but whether customers will see any reimbursements remains unknown.

A USA TODAY analysis of over 630 Securities and Exchange Commission filings found that at least 90 publicly traded companies plan to seek refunds, highlighting their efforts to reclaim billions of dollars following the U.S. Supreme Court striking down the tariffs imposed by the administration of President Donald Trump under the International Emergency Economic Powers Act, or IEEPA. Other tariffs remain in place.

U.S. Customs and Border Protection has begun processing refund claims for the $166 billion that may be at stake. Among the largest, Ford is seeing a $1.3 billion refund; General Motors, $500 million; and UPS, $500 million, according to their filings.

Of the three, only UPS announced plans to refund customers. “UPS will disburse refunds 60-90 days after we receive the funds from CBP,” the company said on its website. 

Here is how much Tennessee companies are seeking in reimbursements.

How much could TN companies get back from Trump tariffs?

USA TODAY compiled the government filings from 92 firms that mention tariffs collected under the International Emergency Economic Powers Act. Of those 92 companies, over two dozen have a noteworthy business presence in Tennessee.

In total, Tennessee companies requested $3.014 billion from the government.

Here is how much the companies with headquarters or significant manufacturing facilities in Tennessee are requesting in refunds from the government:

• Canadian Solar Inc.: $93 million
• Capri Holdings LTD: $65 million
• Cardinal Health: $200 million
• Columbia Sportswear: $80 million
• Deere & Co.: $272 million
• Eastman Chemical Co.: $22 million
• FedEx: amount sought not specified
• Flowserve Corp.: $35.4 million
• Fluence Energy Inc.: $57 million
• General Motors Co.: $500 million
• Integra LifeSciences Holdings: $18.7 million
• Magna International Inc.: $160 million
• Mantiwoc Company: $25 million
• Newell Brands Inc.: $120 million
• Osh Kosh Corp.: $19.7 million
• Procter & Gamble: $200 million
• TJX Companies Inc.: $490 million
• Tootsie Roll Industries Inc.: $1.3 million
• UFP Industries Inc.: $20 million
• Under Armour Inc.: $70 million
• Walmart: amount sought not specified
• West Fraser Timber: $3 million
• Whirlpool: $50 million
• Williams Sonoma Inc.: $197.8 million
• Yeti Holdings Inc.: $66.5 million
• Zebra Technologies Inc.: $75 million
• Zimmer Biomet Holdings Inc.: $77 million

Are some companies passing on tariff refunds to customers?

Of the $166 billion on the table, U.S. consumers are unlikely to see much of it end up in their pockets. Earlier, Trump had even floated the idea that the revenue from these tariffs could be used to send $2,000 checks to Americans, but those plans never materialized. 

Cardinal Health, a major medical supply distributor, incurred roughly $200 million in tariffs and passed some of those costs on to its customers. The company plans to refund customers for any portion of tariffs incurred as a result of price increases during that period.

However, given that its customers include businesses, hospitals, and pharmacies, it’s uncertain whether these savings will reach end consumers.

FedEx is also expecting to recover, but did not specify by how much in its filings. Like UPS, the company does plan to pass money on to customers. 

Amelia Ables, FedEx Communications Advisor, told USA TODAY in an email statement that supporting consumers remains a priority. “As the U.S. government issues IEEPA tariff refunds to FedEx, we are fully committed to refunding any applicable duties, including the interest received from Customs and Border Protection.” 

On a May earning’s call, Walmart’s executive vice president and chief financial officer, John David Rainey, said the company would invest the refund in lowering its prices.

“We are availing ourselves of the process to get refunds. We would definitely bias and try to prioritize price investment for that, given what we’ve seen, both in terms of the pressure on consumers from fuel prices,” Rainey said. 

On the call, Rainey said the refund amounts to less than 0.5% of the company’s U.S. annual sales. CNBC estimated it at around $2.42 billion. 

An April Federal Reserve study on the effect of tariffs on consumer prices showed that sweeping tariffs kept prices elevated for core goods, which includes cars, furniture and other products and excludes the volatile prices of food and energy. 

Major companies are pushing to reclaim tariff payments, despite a warning from President Trump. In April, during an appearance on CNBC’s “Squawk Box,” Trump was informed that Apple had initially decided not to apply for a refund. He responded by saying it was “brilliant” if companies chose not to seek refunds.

Selling refund rights at a discount  

A few examples of companies selling their refunds to investors also emerged in USA TODAY’s analysis. These companies reported selling their refund rights outright to financial firms, accepting less than full value in exchange for immediate cash.  

The Justice Department is appealing the court order that compelled the U.S. government to reimburse companies. While the appeal would not affect the current cases being processed by Customs and Border Protection, if successful, it could mean some businesses would have to file lawsuits individually, which can be an expensive process. 

The IEEPA tariffs are just one set they are dealing with. After the Supreme Court ruled them invalid, President Donald Trump announced other sweeping tariffs, some of which were recently deemed invalid as well. 

USA TODAY contributed to this report.

Jordan Green covers trending news for The Commercial Appeal and Tennessee. She can be reached at jordan.green@commercialappeal.com.