Nvidia, Apple and Exxon CEOs to Join Trump on China Trip

Nvidia, Apple and Exxon chief executives will join President Trump on his trip to China, according to a report. The CEOs' participation comes as companies flag effects from tariffs imposed last year and prepare to seek refunds following a Supreme Court ruling in February 2025 that declared the duties illegal.

The Trump administration opened a portal for processing refunds. The process could cover more than 330,000 importers on roughly 53 million entries, potentially putting the U.S. on the hook for up to $175 billion. The first tranche of payments is expected around May 11, according to an order filed Tuesday in the U.S. Court of International Trade.

Philips said it will seek a rebate of tariffs in line with government policies. The company included the cost of tariffs in its full-year guidance and did not assume any impact from potential refunds. Pandora also announced its intention to apply for a rebate.

The company described tariffs as a headwind to first-quarter earnings but said it could not yet count on any refund. Pandora's CEO noted that the biggest factor affecting profit this quarter was the cost of silver, which has more than quadrupled in the last 18 months.

The firm is shifting from silver to platinum to reduce costs. Several other European companies, including automakers BMW and Daimler as well as medical device maker Smith & Nephew, flagged tariffs as negatively affecting results in earnings updates.

None disclosed whether they planned to seek rebates.

A quarterly survey of chief financial officers found that 12 of 25 respondents said their companies plan to apply for tariff refunds. None, however, intend to lower prices in response to any rebates received. Mark Zandi, chief economist at Moody's Analytics, said the reluctance to cut prices was not surprising.

Companies may view the refunds as compensation for higher costs and supply-chain adjustments made to reduce tariff exposure. The refund portal was established after the Supreme Court struck down the tariffs in February.