Refund, please: FedEx is suing the U.S. government, requesting a full refund on what it paid for tariffs set by President Donald Trump last year after the Supreme Court ruled that the tariffs are illegal. FedEx said in a filing with the U.S. Court of International Trade that they have “suffered injury” from having to pay the tariffs and that the relief they’re seeking from the court would redress those injuries. Other companies have already launched efforts to recoup costs from the illegal tariffs, includin ...

FedEx has sued the US government for a “full refund” of tariffs it paid after last week’s historic Supreme Court ruling deemed President Trump’s main import taxes illegal.The suit appeared to be the first of its kind from a major American company following Friday’s ruling, which found that Trump had exceeded his presidential authority and overturned tariffs imposed under the International Emergency Economic Powers Act.“Plaintiffs seek for themselves a full refund from Defendants of all IEEPA duties Plaintif ...

Core Viewpoint - FedEx has initiated legal action seeking reimbursement for tariffs deemed unlawful by the Supreme Court, marking a significant move in the ongoing trade dispute and its financial implications for the company [2][8]. Group 1: Legal Action and Tariff Reimbursement - FedEx's lawsuit, filed on February 23, is the first major case seeking reimbursement since the Supreme Court ruled that the Trump administration lacked authority to impose tariffs under the International Economic Emergency Powers Act (IEEPA) [2]. - The company is requesting the U.S. Court of International Trade to mandate Customs and Border Protection (CBP) to refund all tariffs paid in the previous year under the IEEPA [2]. - The lawsuit asserts that FedEx, as an importer of goods subject to the IEEPA duties, has suffered injury due to the unlawful tariffs imposed [3]. Group 2: Financial Impact and Industry Context - FedEx had previously indicated an anticipated $1 billion headwind in its current fiscal year due to the global trade environment, with projections of a 9-to-10-figure impact from tariffs [7]. - Other companies, including Costco and Revlon, have also pursued legal action against the government prior to the Supreme Court's ruling [7]. - The Supreme Court's decision did not clarify the process for recovering duties already paid, leaving companies in a complex situation regarding potential refunds [9]. Group 3: Broader Implications of Tariffs - The tariffs imposed in recent years have been integrated into customer pricing, supplier contracts, and inventory strategies, complicating any potential recovery of duties [10]. - The financial records of many industries are settled, even as the legal framework for recovering tariffs remains undefined [10].

Key TakeawaysFedEx (FDX) has filed a lawsuit against the U.S. government seeking a full refund of tariffs paid, following a landmark Supreme Court ruling that struck down the administration's emergency trade duties.The U.S. government faces potential liabilities of $133 billion to $175 billion in contested duties collected under the International Emergency Economic Powers Act (IEEPA).Legal experts warn of a "tough legal landscape" for the Trump administration as it attempts to block these refunds, despite t ...

On Friday, the Supreme Court threw out President Donald Trump's signature emergency-law tariffs, but it did not spell out how the federal government should return the $133 billion already collected from importers. On Saturday, Trump signaled he would try to keep pressure on global trade with a new 15% worldwide rate, a move he framed as new 15% tariff after attacking the ruling.Associated Press reports the justices invalidated Trump's use of the 1977 International Emergency Economic Powers Act, saying the s ...

Group 1: Global Financial Landscape - The U.S. Dollar's share of global reserves has fallen to 56.9%, the lowest level since 1994, indicating a shift towards gold and non-traditional currencies by central banks [2][10] - Corporate giants, including Costco, Revlon, and Bumble Bee Foods, are leading a coalition of over 1,000 companies suing the federal government for approximately $175 billion in tariff refunds following a Supreme Court ruling against unauthorized trade duties [3][10] Group 2: Domestic Developments - The Department of Homeland Security has suspended TSA PreCheck and Global Entry programs due to a funding lapse, redirecting personnel to primary security roles amid a legislative standoff [4][10] Group 3: Technology Sector - The job market is experiencing a "Tinderization" effect, where AI-generated resumes are overwhelming HR departments, leading to qualified candidates being overlooked due to automated screening processes [5][10] Group 4: Geopolitical and Energy Developments - Japan has restarted the Kashiwazaki-Kariwa nuclear facility, marking the end of its post-Fukushima hiatus and aiming for 100% energy self-sufficiency and a tripling of nuclear capacity by 2040 [8][10] - Safran is advancing a significant offer to provide India with 100% technology transfer for fighter jet engines, positioning itself as a key partner in India's fifth-generation AMCA project [9]

Markets not surprised. 10-year Treasury yield rises modestly. The tariffs Trump imposed by invoking the International Emergency Economic Powers Act (IEEPA) of 1977, both the “reciprocal” tariffs designed to reduce the trade deficit, and the tariffs designed to reduce fentanyl trafficking out of China, Mexico, and Canada, got struck down in the Supreme Court by a 6-3 vote, released today. The three dissenters were Clarence Thomas, Samuel Alito, and Brett Kavenough.Over half of the tariff revenues have been g ...

This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. Revlon Consumer Products named former CVS Health executive Mario Rivera chief operating officer to lead the cosmetics maker’s global supply chain. Headshot of Revlon COO Mario Rivera Rivera started his new role Monday, overseeing procurement, planning, manufacturing, distribution, warehousing, transportation and customer logistics, according to a Feb. 11 ...

Core Insights - H&R Block has appointed three new independent directors to its Board: Geralyn Breig, Christian Charnaux, and Stephanie Plaines, who bring extensive expertise in consumer engagement, strategic growth, and financial leadership as the company enters a new phase [1][2][5] Group 1: Board Appointments - The new board members are expected to enhance H&R Block's capabilities to meet evolving client expectations and strengthen board succession planning [2] - Geralyn Breig has a 40-year career in consumer brand leadership, previously serving as President of Revlon North America, and will contribute to enhancing client engagement through product innovations [2][4] - Christian Charnaux, with a background in scaling complex organizations, previously led over $18 billion in acquisitions at Inspire Brands, and will support H&R Block's strategic vision for client delivery platforms [3] - Stephanie Plaines, a former CFO with experience across various sectors, including retail and e-commerce, will leverage her financial expertise to support H&R Block's growth initiatives [4] Group 2: Strategic Focus - The board appointments align with H&R Block's strategy to elevate client experiences and support multi-year strategic initiatives [5] - The company combines digital innovation with human expertise to provide tax preparation services and financial products, aiming to improve client outcomes [5]

Group 1: Legal Context and Implications - The U.S. Supreme Court is expected to rule on the legality of tariffs imposed by President Trump under the International Emergency Economic Powers Act (IEEPA), which could result in nearly $150 billion in refunds to importers if deemed illegal [1][2] Group 2: Companies Challenging Tariffs - Major corporations such as Costco, Revlon, EssilorLuxottica, Bumble Bee Foods, Yokohama Tire, and Kawasaki Motors have filed lawsuits against the U.S. government, contesting the IEEPA-based tariffs and seeking refunds [2] Group 3: Tariff Categories - The tariffs under the IEEPA fall into three categories: 1. Fentanyl-linked tariffs on China, Mexico, and Canada 2. Broad "reciprocal" tariffs aimed at reducing trade deficits 3. Punitive levies against countries for non-trade political reasons [2] Group 4: Industries Exempt from Tariffs - Pharmaceuticals, energy, agricultural commodities, services, and aircraft/aerospace industries are largely exempt from U.S. tariffs due to their critical nature and potential impact on public health and international commerce [3] Group 5: Countries and Industries Affected by Tariffs - **China and Hong Kong**: Consumer electronics, machinery, medical devices, chemicals, toys with a tariff rate of 10% [4] - **Taiwan**: Semiconductors and chipmakers with a tariff rate of 20% [4] - **Mexico**: Autos and auto parts with no tariff for USMCA-compliant goods, but 25% for non-USMCA goods [4] - **Canada**: Metals and energy products with no tariff for USMCA-compliant goods, but 25% for non-USMCA goods [4] - **European Union and UK**: Autos and machinery with a tariff rate of 15% on most EU goods, and 10%-25% on UK goods depending on the product [4] - **Japan and South Korea**: Autos and machinery with reduced tariffs to about 15% [4] - **Southeast Asia**: Apparel and footwear with tariffs ranging from 19% to 20% [4]