**Tax Refund of One Trillion U.S. Dollars Initiated: Corporates' Cash Flow Rejuvenated, Consumers May Not Benefit**

**April 20** — The U.S. will officially roll out its tariff refund program today, with total potential refunds topping roughly $166 billion. The program stems from a prior court ruling that found some tariff collections were unauthorized by law. Eligible companies can apply to recover paid tariffs; funds are expected to arrive 60–90 days after approval. The initiative targets importers and their agents primarily, with the initial phase covering only certain eligible tariff orders — including those not yet finalized or within 80 days post-reconciliation. U.S. Customs data shows more than 56,000 companies have already registered, accounting for roughly $127 billion in potential refunds. Market watchers widely expect the move to ease businesses’ cash flow pressure significantly. But since most prior tariff costs were passed to consumers via price hikes, and the policy does not require companies to pass refunds to end-users, actual benefits will remain concentrated on the business side. Notably, disputes over benefit distribution between consumers and businesses have sparked class-action lawsuits. Firms including Costco and EssilorLuxottica face legal challenges over efforts to extend refunds to consumers. Additionally, logistics firms like FedEx and UPS say they will pass refunds to clients if they paid tariffs on their behalf. Overall, the policy appears more of a short-term “cash flow tool” for businesses than a direct consumption stimulus.