• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Current price of oil as of July 8, 2026

1

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Current price of oil as of July 8, 2026
EconomyTariffs

FedEx and UPS are pledging to give their tariff refunds back to consumers, and the sum will likely top $5 billion

Sasha Rogelberg
By
Sasha Rogelberg
Sasha Rogelberg
Reporter
Down Arrow Button Icon
Sasha Rogelberg
By
Sasha Rogelberg
Sasha Rogelberg
Reporter
Down Arrow Button Icon
April 29, 2026, 2:25 PM ET
A UPS employee pulls a cart full out packages.
UPS has outlined plans to give tariff refunds back to customers.Bess Adler/Bloomberg via Getty Images
Add Fortune on Google for similar content.

The day after the Supreme Court’s decision striking down President Donald Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA), Commerce Secretary Scott Bessent offered bleak odds of consumers receiving refunds for the $166 billion in tariff revenue collected: “I got a feeling the American people won’t see it.” 

Recommended Video

But after the U.S. Customs and Border Protection (CBP) launched its online tariff refund platform—the Consolidated Administration and Processing of Entries (CAPE)—for U.S. importers, some companies are beginning to roll out plans to pass down their returns to customers who footed the bill for the import taxes. FedEx and UPS both announced on Tuesday plans to return rebates from the levies to customers.

“We are working ⁠with the Customs Border Protection to apply for those refunds. Our approach is to work with the U.S. government and not to sue the U.S. government,” UPS CEO Carol Tome said in a Tuesday earnings presentation. “We think it’s going to take some time before the Treasury remits money to us, but as soon as we ⁠get that money, we’re going to remit it right back to our customers,” she added.

Tome said about $5 billion will become available from the tariff refunds. FedEx initially said in February it intended to issue refunds to customers who initially paid the tariff charges, and reiterated the pledge this week. Both companies told Fortune they have begun the refund application process.

FedEx was among thousands of companies to sue the Trump administration over tariff refunds, asking the government for a “full refund” on the cost of the levies, as well as interest on the taxes, attorney fees, and other costs for bringing the action. Last year, the company estimated it would take a $1 billion hit from the levies over the course of the fiscal year, which ends May 31. UPS and DHL did not sue the Trump administration over the refunds.

Americans looking for tariff refunds

CBP said after it processes the first wave of tariff refund applications, it will distribute payouts in about 60 to 90 days, but consumers are already antsy about the possibility of tariff refunds. American households bore the brunt of tariff costs, according to Federal Reserve data, paying for about 90% of the levies in costs passed down from importers. 

For e-commerce shoppers, much of the sticker shock came from the Trump administration’s suspension of the de minimis rule, which eliminated a tariff exception for imports valued at $800 or less without import taxes. One customer of a fragrance oil company based in Canada paid $35.75 for his order and was slapped with an additional $10.80 tariff bill from FedEx when his package arrived, he told the Associated Press.

“It wasn’t worth the $10 tariff for a $27 purchase,” the customer said. 

Other online shoppers have taken matters into their own hands. FedEx customer Matthew Resier of Miami filed a proposed class action lawsuit against the shipping giant, alleging it was a “customs broker” and charged duties on duty-free products, including $36 on taxes and fees on a pair of German shoes. Customers from Costco and Ray-Ban-maker EssilorLuxottica, filed similar actions demanding refunds.

“Our intent is straightforward,” a FedEx spokesperson told Fortune in a statement at the time. “If refunds are issued to FedEx, we will issue refunds to the shippers and consumers who originally bore those charges.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
Sasha Rogelberg
By Sasha RogelbergReporter
LinkedIn iconTwitter icon

Sasha Rogelberg is a reporter and former editorial fellow on the news desk at Fortune, covering retail and the intersection of business and popular culture.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Economy

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Economy

This year’s El Niño is not ‘run-of-the-mill’—and it could rival one that killed 23,000
EnvironmentWeather and forecasting
This year’s El Niño is not ‘run-of-the-mill’—and it could rival one that killed 23,000
By Seth Borenstein and The Associated PressJuly 9, 2026
1 hour ago
Current price of Bitcoin for July 9, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for July 9, 2026
By Joseph HostetlerJuly 9, 2026
2 hours ago
Current price of oil as of July 9, 2026
Personal FinanceOil
Current price of oil as of July 9, 2026
By Joseph HostetlerJuly 9, 2026
2 hours ago
U.S. President Donald Trump speaks to members of the press for the first time aboard the new Air Force One while in flight from RAF Mildenhall AFB to Joint Base Andrews July 8, 2026 after leaving the United Kingdom.
EconomyIran
U.S.-Iran talks are ‘eerily similar’ to Trump’s bumpy China dealings in his first term, says top economist—don’t rule out further oil price spikes
By Eleanor PringleJuly 9, 2026
4 hours ago
A woman, standing in a grocery store, looks at a bag of apples.
EconomyTariffs
Trump has created a ‘trickle up’ tariff economy that means U.S. companies aren’t done hiking consumer prices over import taxes
By Sasha RogelbergJuly 9, 2026
8 hours ago
‘Project 2029’ floats free child care—or $1,000 to stay home
Politicschild care costs
‘Project 2029’ floats free child care—or $1,000 to stay home
By Simone Foxman and BloombergJuly 8, 2026
17 hours ago

Most Popular

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil
Newsletters
Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil
By Jim EdwardsJuly 8, 2026
1 day ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
3 days ago
Current price of oil as of July 8, 2026
Personal Finance
Current price of oil as of July 8, 2026
By Joseph HostetlerJuly 8, 2026
1 day ago
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
AI
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
By Marco Quiroz-GutierrezJuly 5, 2026
4 days ago
Current price of gold as of July 8, 2026
Personal Finance
Current price of gold as of July 8, 2026
By Danny BakstJuly 8, 2026
1 day ago
Mining CEO worth $24 billion nearly drowned and had to break his own leg in a freak hiking accident—he used the recovery time to go back to school
C-Suite
Mining CEO worth $24 billion nearly drowned and had to break his own leg in a freak hiking accident—he used the recovery time to go back to school
By Eleanor PringleJuly 8, 2026
23 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.