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Companies across multiple industries are moving quickly to recover billions of dollars in tariff-related costs after U.S. courts struck down key parts of President Donald Trump’s sweeping trade measures, opening the door for one of the largest reimbursement programs in modern trade history.

From European healthcare giant Philips to Danish jewelry maker Pandora, corporate executives are increasingly highlighting the financial strain caused by tariffs as first-quarter earnings reports reveal the growing economic fallout from years of aggressive trade policies.

The reimbursement process could ultimately affect more than 330,000 importers and approximately 53 million import entries, potentially leaving the U.S. government responsible for as much as $175 billion in refunds, according to court-related estimates.

The scale of the payouts is expected to make the tariff reimbursement effort one of the most significant trade-related financial reversals ever handled by the U.S. government.

Companies Begin Filing for Tariff Rebates

Several multinational corporations confirmed this week that they have already started preparing applications for tariff reimbursements following legal rulings against the Trump-era duties introduced during the administration’s “Liberation Day” tariff campaign in April 2025.

Philips and Pandora both announced plans to seek refunds, joining a growing list of companies attempting to recover costs linked to imported goods affected by the trade measures.

The refund process accelerated after the U.S. Supreme Court ruled in February that large portions of the tariff regime were unlawful, forcing the government to establish a system for processing reimbursement claims.

According to court filings, the first wave of refunds could begin being distributed around May 11 as authorities work through the enormous administrative challenge.

The claims process is expected to involve companies across industries including healthcare, automotive manufacturing, consumer electronics, industrial equipment, retail, and luxury goods.

Philips Warns Tariffs Hurt Healthcare Operations

Philips CEO Roy Jakobs said the company intends to pursue rebates while emphasizing that tariffs continue creating operational difficulties for global healthcare businesses.

Speaking during an interview with CNBC’s “Squawk Box Europe,” Jakobs said the company still prefers open global trade over protectionist measures.

“We have been saying that of course we prefer a world without tariffs, without trade barriers, because we want to serve patients,” he said.

Philips incorporated tariff costs into its annual guidance but notably did not include any potential refund benefits in its forecasts, suggesting the company remains cautious about the reimbursement timeline and final payout amounts.

Healthcare companies have faced growing challenges from tariffs because many medical devices, components, imaging systems, and electronics rely heavily on international supply chains.

Executives across the sector have warned that higher trade costs can eventually affect hospital pricing, medical equipment availability, and investment in healthcare innovation.

Pandora Faces Pressure From Tariffs and Commodity Costs

Pandora also confirmed plans to apply for tariff relief after warning investors that trade costs negatively affected first-quarter earnings.

CEO Berta de Pablos-Barbier described tariffs as a major “headwind” for the jewelry company, though she noted that soaring raw material prices remain an even bigger challenge.

According to the company, silver prices have increased more than fourfold over the past 18 months, dramatically raising production costs across the jewelry industry.

In response, Pandora has accelerated efforts to shift portions of its manufacturing strategy from silver toward platinum and other materials in an attempt to protect profit margins.

The luxury retail sector has become particularly vulnerable to tariffs because many premium products rely on complex international sourcing networks involving precious metals, gemstones, specialized manufacturing, and global distribution systems.

Higher import duties have added pressure to an industry already facing weaker consumer demand in some markets due to inflation and slowing economic growth.

Automakers and Manufacturers Also Feel the Impact

Several major industrial and automotive companies also warned investors about the growing financial burden created by tariffs during their latest earnings reports.

BMW, Daimler, Continental, Renishaw, and Smith & Nephew all identified trade-related costs as factors negatively affecting profitability, although none publicly confirmed whether they planned to seek refunds.

Automakers have been especially exposed because tariffs impact both finished vehicles and thousands of imported components used in manufacturing.

Global manufacturers have spent years redesigning supply chains, relocating production, and increasing domestic sourcing to reduce exposure to trade disputes between the United States, Europe, and China.

However, those adjustments have required billions of dollars in additional investment while also reducing operational efficiency in some cases.

Executives say tariffs have not only increased costs directly but have also created uncertainty around long-term production planning and capital investment decisions.

Consumers Unlikely to See Lower Prices

Despite the possibility of massive corporate refunds, consumers are unlikely to benefit through lower prices.

According to the latest CNBC CFO Council survey, many companies plan to keep any tariff reimbursements rather than pass savings on to customers.

Among the 25 chief financial officers surveyed, nearly half said their companies intend to apply for refunds. However, none indicated plans to reduce prices if those reimbursements are received.

Economists say this reflects the broader financial damage businesses absorbed during years of elevated trade costs.

Mark Zandi, chief economist at Moody’s Analytics, said companies likely view the refunds as compensation for higher operating expenses, supply chain disruptions, and lost efficiency rather than as unexpected profits.

Businesses across industries spent heavily adapting to tariffs by restructuring logistics networks, diversifying suppliers, increasing inventory levels, and shifting manufacturing operations.

As a result, many executives believe retaining refunds is necessary to offset the long-term costs already incurred.

Tariffs Continue Fueling Inflation Concerns

Economists widely agree that tariffs have contributed to inflationary pressure across the global economy over the past several years.

Import duties increase costs for businesses, many of which eventually pass at least part of those expenses onto consumers through higher prices.

The impact has been felt across products ranging from electronics and automobiles to medical equipment, machinery, clothing, and household goods.

Although refund programs may provide temporary financial relief for corporations, analysts warn they are unlikely to reverse broader pricing trends throughout the economy.

Instead, the reimbursements may primarily strengthen corporate balance sheets, support cash flow, and help companies stabilize profit margins after years of trade-related uncertainty.

Global Trade Policy Remains Uncertain

The reimbursement battle is unfolding at a time when global trade tensions remain elevated.

Even after portions of the tariff regime were ruled illegal, businesses remain concerned that future administrations could introduce new protectionist measures or revive similar trade restrictions under different legal frameworks.

Many multinational corporations are therefore continuing efforts to diversify supply chains and reduce dependence on any single country or trade route.

The broader shift toward regional manufacturing, “friend-shoring,” and supply chain resilience has accelerated significantly since the original tariff disputes began several years ago.

For executives and investors, the latest refund process may provide financial relief — but it also serves as another reminder of how deeply trade policy now influences corporate strategy, earnings performance, and global economic stability.

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