{"id":3610,"date":"2026-07-17T10:49:59","date_gmt":"2026-07-17T10:49:59","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3610"},"modified":"2026-07-17T10:49:59","modified_gmt":"2026-07-17T10:49:59","slug":"u-s-companies-have-finally-gotten-71-billion-in-tariff-refunds-but-theyre-using-it-to-offset-inflation-caused-by-the-iran-war","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3610","title":{"rendered":"U.S. companies have finally gotten $71 billion in tariff refunds, but they\u2019re using it to offset inflation caused by the Iran war"},"content":{"rendered":"
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The U.S. Customs and Border Protection issued $49.2 billion in refunds in June, according to the U.S. Treasury\u2019s , bringing total tariff refunds to about $71 billion, or more than 60% of the $166 billion available following the Supreme Court striking down tariffs under the International Emergency Economic Powers Act (IEEPA) in February.<\/p>\n

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But as companies recoup costs associated with the\u00a0 import taxes they were forced to pay last year, they\u2019re finding that, in many cases, those funds are being eaten up thanks to the impact of other economic pressures.<\/p>\n

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\u201cWe do expect some more pressure on the business from a commodity standpoint,\u201d PepsiCo Chief Financial Officer Steve Schmitt said in the company\u2019s earnings call last week. \u201cWe will be using the tariff, essentially the refunds, to help offset some commodity inflation that we\u2019re seeing and allow us to continue to play offense in the business.\u201d<\/p>\n

The company\u2019s CEO Ramon Laguarta said the Iran war and its impact on gas prices in particular have impacted consumer behavior, reducing discretionary spending and trips to convenience stores, which is correlated with purchases.<\/p>\n

Marcos Gabriel, CFO of spice brand McCormick & Company, noted during an earnings presentation last month that its $31 million in tariff refunds will counterbalance higher costs. The company raised prices twice in the last year as a result of tariffs and limited freight capacity.<\/p>\n

\u201cI think it\u2019s important to note that the Middle East conflict is really driving more inflation that we had not contemplated before\u2026so we are going to use the majority of the tariff refund to offset these higher costs,\u201d Gabriel said.<\/p>\n

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Economists have long concluded that Trump\u2019s tariff policy was inflationary, with Goldman Sachs warning that despite IEEPA tariffs being struck down, prices will continue to be elevated in part as a result of continued levies imposed through Sections 122, 232, and 301 of the 1974 Trade Act.<\/p>\n

But even as companies adjust supply chains and margins to account for increased tariff costs, they are finding headwinds elsewhere. While wholesale inflation fell last month as energy prices fell, Trump\u2019s renewed attacks on Iran and reignited standoff at the Strait of Hormuz has analysts concerned prices could once again increase. Goldman Sachs\u2019s chief U.S. economist David Mericle warned that if oil spikes above $100 per barrel as it did earlier in the conflict, monthly core inflation could increase by 3 to 4 basis points in the coming months.<\/p>\n

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Bank of America Securities analyst Steve Juneau predicted in a May 20 note to clients that oil and gas costs would remain stubbornly high, leaving tariff rebates as a way to extinguish higher freight costs.<\/p>\n

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\u201cImporters that receive refunds will likely use the money to offset rising energy and shipping costs,\u201d he said. \u201cThey may also offer some type of consumer relief, which surveys suggest is more likely to come in the form of slower price hikes rather than a direct benefit to consumers. Therefore, the refunds could be a modest disinflationary force ahead of midterms.\u201d<\/p>\n

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Rebecca Homkes, a lecturer at the London Business School and faculty at Duke Corporate Executive Education, said these concerns are actualizing for many companies today.<\/p>\n

\u201cThe difficulty is that the hits just keep coming for some of these big companies,\u201d she told Fortune<\/em>. \u201cThey get a little bit of relief from inflation, and then we get the tariff shock. We get the IEEPA ruling from the Supreme Court; we think things are going to normalize. We get all the shocks from the Iran War.\u201d<\/p>\n

Companies are navigating refunds and inflation differently. Some, for example, are keeping their promises to consumers to pass rebates onto them. BJ\u2019s Wholesale Club President and CEO Bob Eddy told investors in May that tariff refunds would help reduce consumer prices in stores by half a percent.<\/p>\n

\u201cWe will continue to use any source of gain that we can to really bring that value back to our members so that we can build the franchise for the long term,\u201d he said.<\/p>\n

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Other businesses are having to increase their optionality in order to assuage anxiety from their boards or investors about future geopolitical uncertainty, Homkes said. This could look like pausing spending, despite still having cash to spend, or increasing supply chain reliability.<\/p>\n

More uncertainty is on its way, however. Beyond the Iran war, tariffs are still a top-three issue for executives, according to Homkes. The good news, however, is that today tariffs are smaller in scope\u2014Section 122 tariffs are set to expire later this month, and Section 301 tariffs impact only a certain country of goods\u2014meaning they are less likely to resemble the astronomical and sweeping qualities of IEEPA tariffs.<\/p>\n

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\u201cThose days, so far, look like they won\u2019t come again,\u201d Homkes said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u201cThe Middle East conflict is really driving more inflation\u2026so we are going to use the majority of the tariff refund to offset these higher costs.”<\/p>\n","protected":false},"author":1,"featured_media":3609,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tariffs"],"yoast_head":"\nU.S. companies have finally gotten $71 billion in tariff refunds, but they\u2019re using it to offset inflation caused by the Iran war - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=3610\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. companies have finally gotten $71 billion in tariff refunds, but they\u2019re using it to offset inflation caused by the Iran war - 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