Finance leaders divided on using potential tariff refunds

Just 18% would fully roll back price hikes, KPMG survey finds

Published on Mar. 4, 2026

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A KPMG survey of 300 U.S.-based C-suite and business leaders found that companies are divided on how to handle possible tariff refunds, with many reluctant to roll back prices even if costs ease. About half of respondents plan to work with third parties to facilitate reimbursements, while only 18% would fully remove prior price surcharges.

Why it matters

The Supreme Court's ruling on the International Emergency Economic Powers Act (IEEPA) may open the door to tariff refunds, but it also resets the rules. Companies are grappling with the complex process of securing refunds and determining whether to pass savings on to customers or suppliers.

The details

Companies like FedEx and Costco have sued for full tariff refunds following the court's decision. However, the KPMG survey found that many businesses are unsure how the refund process will play out. About half plan to work with third parties like law firms to facilitate reimbursements and coordinate protests or litigation. If refunds arrive, companies say they would most likely reinvest in supply chain diversification, resilience, working capital, or inventory. But many contracts never contemplated refunds, so whether to pass money downstream or treat it as a windfall will likely be decided case by case.

  • The Supreme Court's IEEPA ruling was issued in 2026.

The players

KPMG

A global professional services firm that conducted a survey of 300 U.S.-based C-suite and business leaders on their views regarding potential tariff refunds.

Lou Abad

A principal in KPMG's Washington National Tax, Trade and Customs Services group, who provided insights on the survey findings.

FedEx

A company that sued for a full tariff refund following the Supreme Court's IEEPA ruling.

Costco

A company that sued for a tariff refund before the Supreme Court's IEEPA ruling.

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What they’re saying

“It's pretty murky how the importers will get the refunds. So it's really important for companies to take the necessary steps to preserve their right to refunds.”

— Lou Abad, Principal, KPMG's Washington National Tax, Trade and Customs Services group (Fortune)

“I think most companies are just waiting for guidance from the Court of International Trade and other authorities to see how this refund process will play out.”

— Lou Abad, Principal, KPMG's Washington National Tax, Trade and Customs Services group (Fortune)

What’s next

The Court of International Trade and other authorities are expected to provide guidance on the tariff refund process in the coming months.

The takeaway

The Supreme Court's IEEPA ruling has created uncertainty for companies regarding tariff refunds, with many unsure of how to handle potential reimbursements and reluctant to fully roll back price increases, even if costs ease. This highlights the structural nature of tariffs in the current business landscape.