From jewelers to health tech companies, CEOs are demanding tariff refunds due to profit losses

After U.S. President Trump launched the “Liberation Day” tariff offensive in April 2025, Philips and Pandora announced on Wednesday (May 6) their intention to apply for tariff refunds. In numerous financial report updates, several other companies also mentioned that tariffs had a negative impact on their performance. The refund process could cover more than 330,000 importers and around 53 million customs declarations, potentially resulting in the U.S. government bearing up to $175 billion in refund liability. Expand