ASOS Seeks £7m In U.S. Tariff Refunds As Firms File Claims
Online fashion retailer ASOS has begun efforts to recover £7 million in tariffs paid to the United States, following a court ruling that cleared the way for large-scale refunds to businesses.
The move comes after the US Supreme Court struck down the so-called “Liberation Day” tariffs introduced by Donald Trump, ruling that the measures exceeded presidential authority.
ASOS said it has initiated the refund process through a newly launched online portal, which opened to businesses earlier this week. While some companies reported a smooth application process, others experienced technical difficulties due to high demand.
The ruling could benefit hundreds of thousands of firms, with estimates suggesting that more than $160 billion in tariffs may be refunded. The decision followed an earlier order by the US Court of International Trade directing customs authorities to return the funds collected under the policy.
ASOS disclosed the development alongside its latest financial results, which showed a reduced pre-tax loss of £137.9 million for the six months ending March 1, compared to £241.5 million during the same period last year.
Once a major beneficiary of increased online shopping during the COVID-19 pandemic, the company has faced slowing demand and intensified competition, particularly from low-cost rivals such as Shein.
The retailer added that it has taken steps to manage inflation and supply chain disruptions linked to ongoing geopolitical tensions, including those in the Middle East.
According to US Customs and Border Protection, businesses that successfully apply for refunds can expect payments, including applicable interest, within 60 to 90 days.
However, while companies may recover tariff costs, individual consumers—who may have borne the impact through higher prices – are not expected to receive compensation.
