Philips, Pandora and Other Firms Plan to Apply for Tariff Rebates
Philips and Pandora said Wednesday they will apply for tariff rebates after the Supreme Court ruled President Trump's duties illegal. The refund portal could return up to $175 billion to more than 330,000 importers. Twelve of 25 CFOs surveyed plan to seek refunds but none intend to lower prices.
flipboard.comPhilips and Pandora announced their intentions to apply for tariff rebates on Wednesday, joining a wave of companies flagging the cost of duties as earnings season unfolds. U.S. Court of International Trade indicated the first tranche of refunds is expected to be issued by around May 11.
President Trump launched a portal for processing tariff refunds after the Supreme Court ruled his sweeping duties illegal in February. U.S. on the hook for an estimated $175 billion in redress, CNBC reported.
The action follows President Trump's "liberation day" blitz in April 2025. "We will ask for a rebate of tariffs in line with the government policies," Roy Jakobs, CEO of Philips, told CNBC's "Squawk Box Europe" on Wednesday morning. " Philips included the cost of tariffs within its full-year guidance and did not assume the impact from any potential refunds.
Several other European firms flagged tariffs as negatively impacting results on Wednesday, including BMW, Daimler, Renishaw, Smith & Nephew and Continental. Berta de Pablos-Barbier, CEO of Pandora, told CNBC that tariffs were a "headwind" to earnings in the first quarter. "We have no news yet, so we cannot count on any of that refund," she said.
De Pablos-Barbier noted that the biggest factor impacting Pandora's profit this quarter is the cost of silver, which more than quadrupled in the last 18 months. Pandora is pivoting from pure silver to platinum as it seeks to reduce costs. Twelve of the 25 chief financial officers interviewed in the CNBC CFO Council quarterly survey said their company plans to apply for tariff refunds.
None of the 25 chief financial officers interviewed intend to lower prices in response to tariff refunds.
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