Be The Investor ResearchUPS, FedEx and DHL are giving back billions in Trump tariffs to American customers — are you eligible for a fat refund?
Carrier refunds could provide partial relief to customers charged directly for overturned IEEPA duties, while investors assess reimbursement timing, liabilities, consumer impacts and the limits of recovery for tariff-driven price increases.
The Supreme Court ruled on Feb. 20 that the International Emergency Economic Powers Act (IEEPA) did not authorize the president to impose tariffs. More than $100 billion in IEEPA tariffs had been refunded to businesses by early August—about 60% of the federal government’s obligations to importers. UPS (NYSE:UPS) applied for $500 million in first-phase refunds and expects roughly $5 billion overall. Customers generally should receive refunds one to three months after UPS is reimbursed. FedEx (NYSE:FDX) is issuing $800 million to customers billed for affected duties and has created a refund-status portal; UPS also has a portal explaining its process. DHL (ETR:DHL) said that, after receiving refunds from U.S. Customs and Border Protection, it will return funds to “the party that originally paid the duties.” The clearest beneficiaries are customers who were separately billed by UPS, FedEx or DHL when an overseas package entered the United States. That payment trail may establish who ultimately paid the duty. Consumers do not automatically qualify merely because tariffs increased prices, however. Retailers importing televisions, shoes or furniture may have absorbed duties and raised shelf prices, making the tariff’s contribution difficult to verify. Amazon (NASDAQ:AMZN) CFO Brian Olsavsky said the company identified limited cases in which import charges were passed directly to customers. Amazon plans to contact affected customers and automatically issue refunds in those situations. Tax Foundation estimates tariffs added roughly $1,000 to household taxes in 2025 and may cost households about $840 in 2026. Refunds therefore represent partial relief rather than a reversal of tariff-driven inflation. For investors, the program may support customer relations but create verification, timing and cash-flow considerations for carriers. Separately, consumers receiving refunds could improve returns on idle cash through products such as Wealthfront’s Cash Account, offering a 3.30% base APY and up to 4.30% under stated conditions, or invest card roundups through Acorns.