Asos Seeks £7m US Tariff Refund After Supreme Court Ruling Strikes Down 'Liberation Day' Duties
Online retailer reports narrowing losses as it pursues reimbursement through newly opened portal, joining 56,000 importers seeking $127bn in refunds
نظرة سريعة
- Asos is seeking £7m in refunds for US tariffs paid in the first half of its financial year after the US Supreme Court struck down President Trump's 'Liberation Day' tariffs in February, ruling he had overstepped his powers.
- The company reported a narrowing pre-tax loss of £137.9m versus £241.5m a year earlier.
- Over 56,000 importers have already completed refund applications through the new portal, with claims worth $127bn, though some businesses reported technical issues.
ملخص مُنشأ بالذكاء الاصطناعي
Online fashion retailer Asos is seeking refunds from the US for the £7m worth of tariffs it paid in the first half of its financial year. In February, the US Supreme Court struck down the so-called "Liberation Day" tariffs Donald Trump imposed last year, saying the president had overstepped his powers, and paving the way for the biggest repayment programme in history. Asos said it had begun the process of pursuing refunds, which businesses have been able to do since Monday when an online portal opened for them to apply through. Some reported a smooth experience while others received error messages. Asos made the announcement while reporting a narrowing in losses as it continues with its turnaround plan. It made a pre-tax loss of £137.9m in the six months to 1 March, compared with a £241.5m loss a year earlier. The company was widely considered a "pandemic darling" as it benefited from a boom in online shopping during Covid lockdowns. It has since experienced a downturn as consumer demand weakened and in the face of greater competition from cheap Chinese rivals such as Shein. Asos added it had taken "proactive actions to help mitigate inflationary impacts and supply chain issues arising from the conflict in the Middle East", and said it continued to monitor developments closely. In March, the US Court of International Trade ordered customs officials to refund the more than $160bn (£121bn) the government had collected in tariffs, putting roughly 330,000 importers in line for potential reimbursements. As of early April, more than 56,000 importers had completed the necessary steps to apply for refunds online when the portal opened, with their claims worth $127bn. On Monday, one small business owner told the BBC he was able to find his way through the portal just minutes after it opened. However, another told the BBC's US partner CBS News that when he tried to file a claim he received a message saying: "The system is currently experiencing high volume, please try again later."
