Source: Fortune.com
Summary
US companies have received $100 billion in tariff refunds, but consumers are still waiting for their share. A class action lawsuit was filed against Five Below, alleging the company failed to return tariff refunds to customers. Similar lawsuits have been filed against Sony and Nintendo. Some companies, like Amazon, have vowed to return the recouped funds to customers, while others have said they will not pass on tariff refunds.
Our Reading
The numbers tell one story.
Companies like Five Below and Sony are facing lawsuits for not returning tariff refunds to customers. Amazon has promised to return $600 million in tariff refunds to customers, while Nintendo has said it will not pass on refunds. The Treasury Secretary has predicted that tariff refunds will be “ultimate corporate welfare” for US companies, but not consumers.
It’s a familiar tale of corporate welfare, where companies reap the benefits of tariffs while consumers foot the bill.
Author: Evan Null
