Companies are starting to get refunds from Trump’s tariffs even with prices remaining high

Executives from major companies have said they are starting to get refunds after some of President Donald Trump’s tariffs were struck down by the Supreme Court.

Representatives from Oshkosh Corporation, known for making military and other industrial vehicles, and Basic Fun, the makers of toys such as Care Bears and Lincoln Logs, said they began receiving some of the tariff refunds Tuesday for which the companies previously filed.

“Following acceptance of our initial filing, we have begun receiving payments on our tariff refund claims, representing an initial portion of our total claims submitted,” Oshkosh Corporation Chief Financial Officer Matt Field told CNBC. Field said the has not yet verified its total refund amount.

Basic Fun Chief Executive Officer Jay Foreman told the outlet that the company has received only 5 percent of the refund it filed for so far.

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Despite the tariff refunds starting to roll through, prices on goods remain high for Americans. The Consumer Price Index, which the government uses to track the cost of goods and services over time, saw a 0.6 percent increase in April, bringing the annual inflation rate to 3.8 percent.

Soaring energy prices brought on by the Iran war were a key driver of higher inflation. When excluding the costs of energy and food, prices increased 0.4 percent in April. This is up from the two prior months.

Foreman said Basic Fun will use the tariff refunds to “help support our 2026 cash flow and invest in our team,” noting that this is the “toughest time of the year for toy companies.”

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“We’ll also be announcing to our staff that we will be increasing salaries to help offset cost of living increase, announcing promotions and larger merit increases,” the CEO told CNBC.

In April 2025, Trump imposed a 10 percent tariff on all imported goods and additional reciprocal levies against countries that his administration accused of unfair trade practices.

The Supreme Court, which Trump reshaped in his first term with conservative-leaning justices, ruled 6-3 in February that the tariffs his administration brought under the 1977 International Emergency Economic Powers Act were unlawful.

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Following the ruling, businesses affected by the tariffs that the Supreme Court knocked down were allowed to claim refunds through the U.S. Customs and Border Protection.

The CBP has estimated it may have to refund $35.46 billion tied to 8.3 million shipments, CNBC reported, citing a court filing.

The Independent has reached out to CBP for comment.

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