President Donald Trump says the U.S. has brought in $30 billion in funds generated from federal stock holdings in Intel over the past 90 days alone.

Trump made the announcement on Thursday, highlighting that he authorized the U.S. government to invest in the semiconductor manufacturing company. Trump revealed in August of last year that Intel had agreed to the federal government acquiring a 10% stake in the company.

“Intel Stock continues to rise. I’m very proud of that Company in that I am responsible for making the United States of America over 30 Billion Dollars in the last 90 days on that stock alone,” Trump wrote.

“There are others that, likewise, I have been very successful with by taking pieces of the Equity for support. Congratulations to Intel on doing such a great job and, more importantly, congratulations to the People of the United States for making such a good investment!” he added.

PROTECTING AMERICANS’ DATA FROM CHINA IS CENTRAL TO AN AMERICA FIRST AGENDA

U.S. President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House. (Chip Somodevilla/Getty Images / Getty Images)

The administration announced the deal with Intel when the company was struggling last year. Semiconductors power everything from smartphones to defense systems, and Intel’s slowdown was a national security concern, industry analysts say.

Intel unveiled new chip manufacturing milestones in early January, accounting for much of its growth. Nevertheless, former Intel CEO Pat Gelsinger warned at the time that the United States still has a long way to go to reclaim chip production from Asia.

Lip-Bu Tan, chief executive officer of Intel Corp., during a news conference on the sidelines of the Computex conference in Taipei, Taiwan. (Annabelle Chih/Bloomberg via Getty Images / Getty Images)

“The metric [is] though, how many wafers are being built in America,” Gelsinger said in January on “The Claman Countdown.”

US CAN’T CUT CHINA OFF COMPLETELY, BUT MUST DEFEND AI AND AMERICAN INNOVATION FROM NONSTOP THEFT: SEN ROUNDS

“That is the only thing that matters,” he added.

Much of the world’s advanced chip manufacturing remains concentrated in Asia, particularly Taiwan. U.S. officials have said the imbalance poses economic and national security concerns.

Gelsinger said it is critical that manufacturing return to the United States, while cautioning that progress will take time.

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“It’s hard to win that manufacturing back. You know it took decades for it to sediment into Asia. It doesn’t come back quickly,” he said.

FOX Business’ Madison Colombo contributed to this report.

SEATTLE — Impinj Inc. shares skyrocketed more than 21% Thursday, surging to around $146 in morning trading after the RAIN RFID pioneer delivered a strong revenue beat for the first quarter and issued blockbuster second-quarter guidance that far exceeded Wall Street expectations, igniting optimism about accelerating demand for its Internet of Things technology.

The semiconductor and RFID solutions company reported first-quarter revenue of $74.3 million, topping analyst forecasts of roughly $72.5 million to $74 million while remaining essentially flat year-over-year. Non-GAAP earnings per share came in at $0.14, beating consensus estimates of $0.11. Adjusted EBITDA reached $3.4 million.

While the top line reflected ongoing inventory digestion and seasonal softness in some retail segments, CEO Chris Diorio highlighted record endpoint IC bookings as the standout metric. “Endpoint IC bookings hit an all-time record, engendering a strong second-quarter revenue outlook,” Diorio said in the earnings release.

Impinj raised its Q2 outlook sharply, projecting revenue between $103 million and $106 million — well above the Street consensus around $97 million — and non-GAAP EPS of $0.77 to $0.82, dramatically higher than prior expectations near $0.20. The aggressive guidance signals a sharp rebound driven by new platform ramps, particularly the M800 series, and expanding adoption in supply chain, logistics and retail applications.

Investors responded with enthusiasm, pushing the stock well above Wednesday’s close of $120.04. Volume surged as traders piled in, reflecting relief after months of volatility tied to inventory corrections and slower retail deployments. The move marks one of the largest single-day percentage gains for the company in recent memory.

Impinj specializes in RAIN RFID technology that enables wireless identification and tracking of billions of everyday items — from apparel and luggage to automotive parts and medical supplies. Its platform connects physical objects to the cloud, powering smarter supply chains and inventory management for major retailers, logistics firms and manufacturers.

The record bookings underscore growing momentum in core markets. Management cited strong demand in supply chain and logistics, areas increasingly reliant on advanced RFID for real-time visibility and efficiency. The M800 platform ramp, offering higher performance and new features, is expected to drive meaningful revenue acceleration through the second half of 2026.

Analysts viewed the results positively despite the GAAP net loss of $25.3 million, or $0.83 per share, which included non-cash items. The focus remained on the forward outlook and operational execution. Several firms raised price targets following the report, though the consensus still hovers around $160-$170, leaving room for further upside.

The RFID market continues expanding as companies digitize operations amid e-commerce growth, labor shortages and complex global supply chains. Impinj’s technology offers advantages in read range, speed and cost over traditional barcodes, positioning it for long-term secular tailwinds even as near-term cycles fluctuate.

Challenges persist. The company has navigated retailer inventory burn-down and product transitions that pressured Q1. Broader semiconductor sector dynamics, including customer concentration and macroeconomic uncertainty, add volatility. Impinj also carries convertible debt, though it recently repurchased a portion to reduce dilution risk.

Balance sheet strength provides a buffer. The company ended the quarter with $235 million in cash and investments. Free cash flow turned positive at $2.2 million, and capital expenditures remained disciplined at $1.7 million.

For investors, the surge highlights Impinj’s high-beta nature. The stock has traded in a wide range, hitting a 52-week high near $247 last year before pulling back amid growth concerns. Thursday’s rally recovers some ground but leaves shares below peaks, reflecting both opportunity and execution risk.

CEO Diorio emphasized the massive untapped potential. Billions of items still lack RFID tagging, creating a multi-year growth runway as adoption scales from pilots to enterprise-wide deployments. Partnerships with major retailers and logistics providers continue expanding use cases.

Looking ahead, the company plans further innovation in endpoint ICs and reader platforms. Gen2X features, including faster inventory reads and enhanced security, could open new verticals in healthcare, aviation and industrial IoT. Management expects sequential improvement through 2026 as inventory normalizes and new platforms gain traction.

Wall Street reaction underscored the power of forward guidance. While Q1 showed typical seasonal softness, the Q2 outlook demonstrated confidence in a rebound. Analysts noted improving gross margins and operational leverage as key positives for profitability.

Risks include customer delays, competitive pressures from other RFID providers and potential slowdowns in retail spending. Currency fluctuations and supply chain component costs also warrant monitoring. Yet the record bookings provide tangible evidence of underlying demand strength.

Impinj, founded in 2000 and based in Seattle, has evolved from an early RFID pioneer to a key enabler of the Internet of Things. Its technology powers applications across retail, healthcare, automotive and logistics, helping organizations gain real-time visibility into assets and inventory.

As trading progressed Thursday, the stock held most of its gains amid high conviction. Whether the momentum sustains depends on Q2 delivery and continued progress on platform ramps. For now, the market has rewarded Impinj’s ability to navigate near-term headwinds while positioning for stronger growth.

The RFID sector watches closely. Successful execution could validate broader digitization trends and drive re-rating for the stock. With Q2 guidance signaling acceleration, Impinj appears poised for a stronger second half — provided it converts bookings into sustained revenue and earnings growth.

For long-term investors, today’s surge reinforces Impinj’s role in the expanding connected economy. As more industries embrace RFID for efficiency and transparency, the company’s technology could capture significant market share in a multi-billion-dollar opportunity.

Given events in the Middle East, it was already inevitable that domestic energy bills will rise this summer. The Bank paints a relatively bleak picture, even though uncertainty still dominates. In short, it will take the region – and the wider energy sector – a while to recover in any scenario, so prices will rise.

PLYMOUTH, Mich. — Garrett Motion Inc. shares exploded more than 22% Thursday, surging to $25.07 in morning trading after the automotive technology supplier delivered a strong first-quarter earnings beat and raised its full-year 2026 guidance, signaling robust demand for its turbocharging and electrification products amid the global shift toward hybrids and efficient internal combustion engines.

The turbocharger specialist reported net sales of $985 million for the quarter ended March 31, up 12% from a year earlier on a reported basis and 6% at constant currency. The top line comfortably topped analyst expectations of roughly $913 million. Net income reached $95 million, or $0.49 per share, beating consensus estimates of $0.43 per share. Adjusted EBIT hit $151 million, reflecting a robust 15.3% margin.

Garrett also generated $49 million in adjusted free cash flow and returned capital to shareholders through $87 million in share repurchases and a quarterly dividend of $0.08 per share, payable June 15. The performance underscored disciplined execution and strong volume conversion in a mixed automotive market.

CEO Olivier Rabiller highlighted the results as evidence of the company’s strategic positioning. “Net sales increased to $985 million, Adjusted EBIT margin expanded to 15.3% and we generated $49 million of Adjusted Free Cash Flow, reflecting disciplined execution and strong volume conversion,” he said in the earnings release.

Investors responded enthusiastically to the raised 2026 outlook. Garrett now targets full-year net sales of $3.6 billion to $3.9 billion, up from prior guidance, and Adjusted EBIT of $520 million to $600 million. The update reflects stronger-than-expected volumes and improved conversion rates, providing a clear runway for growth.

The surge marks a sharp rebound for GTX, which had traded around $20 in recent sessions. Volume spiked dramatically as traders piled into the name, pushing the stock toward multi-year highs. The move comes as Garrett benefits from sustained demand for gasoline and hybrid powertrains even as full electrification accelerates more slowly than anticipated.

Garrett Motion specializes in turbochargers, electric boosting systems and thermal management technologies that improve fuel efficiency and performance across internal combustion, hybrid and electric vehicles. Its products play a critical role in helping automakers meet stricter emissions standards without sacrificing drivability — a sweet spot in today’s transitional market.

Recent partnerships have broadened the company’s horizon beyond traditional automotive. On April 27, Garrett announced a collaboration with TONFY to integrate its oil-free centrifugal compressor technology into high-efficiency liquid cooling systems for battery energy storage. The deal targets the fast-growing data center and energy storage markets, diversifying revenue beyond passenger vehicles.

Analysts largely welcomed the results. The earnings beat and guidance raise validate Garrett’s hybrid-focused strategy at a time when many OEMs are recalibrating pure EV timelines. Hybrids have seen explosive growth in markets like China, Europe and North America, driving turbocharger demand.

Yet the stock’s volatility highlights ongoing risks. Garrett operates in a cyclical industry tied to global vehicle production, semiconductor availability and raw material costs. Trade tensions, currency fluctuations and potential slowdowns in China — a key market — remain watchpoints. The company carries debt from its 2018 spin-off from Honeywell, though management has steadily reduced leverage.

Wall Street’s consensus price target sits around $22-$24, implying more modest upside from pre-earnings levels but now appearing conservative after Thursday’s rally. Several firms maintain Buy or Outperform ratings, citing undervaluation relative to growth prospects and margin expansion potential.

For long-term investors, Garrett offers exposure to both legacy auto strength and emerging electrification trends. Its technologies support 48-volt mild hybrids and high-performance electric systems, positioning it across multiple powertrain scenarios. The company’s focus on industrial applications, including aerospace and energy, provides additional buffers.

Shareholder returns have become a priority. Beyond the quarterly dividend, the $87 million in first-quarter buybacks signal confidence. Garrett has authorization for further repurchases, potentially supporting the stock if earnings momentum continues.

The broader auto supplier sector has faced headwinds from softening new vehicle sales and inventory corrections. Yet Garrett’s outperformance reflects its technological edge and exposure to high-growth segments. Global turbocharger penetration continues rising as emissions regulations tighten worldwide.

Looking ahead, Garrett plans its 2026 Technology and Investor Day on May 20 in New York City, where executives are expected to detail innovation pipelines, including advanced cooling solutions and next-generation boosting systems. The event could provide further catalysts.

Risks remain. A sharper-than-expected slowdown in global auto production, commodity inflation or supply chain disruptions could pressure margins. Competition from other turbo specialists and in-house OEM development adds uncertainty. Valuation has expanded rapidly on today’s move, raising questions about near-term pullback potential.

Still, the earnings-driven rally underscores investor appetite for companies delivering tangible results amid economic uncertainty. Garrett’s ability to beat estimates while raising guidance stands out in an earnings season marked by caution.

As trading continued Thursday, GTX maintained most of its gains with strong conviction. The reaction reflects relief that Garrett’s hybrid bet is paying off while diversification efforts gain traction. Whether this marks the start of a sustained rebound or a short-term spike depends on execution in coming quarters.

For now, the message from the market is clear: Garrett Motion’s combination of strong fundamentals, raised expectations and strategic positioning has reignited investor enthusiasm. At a time when many auto suppliers struggle with EV transition uncertainty, Garrett stands out as a beneficiary of the prolonged hybrid era.

The coming months will test whether the company can sustain this momentum. With Q2 results due in late July and the investor day on the horizon, attention will focus on order books, margin trends and progress in non-auto segments. For shareholders riding the 22% wave, today’s surge validates patience — and raises hopes for further upside as 2026 unfolds.

This story about the March 2026 PCE inflation is developing and will be updated with more details.

The Federal Reserve’s preferred inflation gauge remained stubbornly high in March as consumers continued to face elevated price growth.

The Commerce Department on Thursday reported that the personal consumption expenditures (PCE) index rose 0.7% on a monthly basis in March and is up 3.5% from a year ago. Both figures were in-line with the expectations of economists polled by LSEG.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.3% from a month ago and increased 3.2% year over year. Both figures were in line with economists’ expectations from the LSEG poll.

FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS POWELL’S CHAIRMANSHIP NEARS END

Federal Reserve policymakers are focused on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation. Compared with February’s annual readings, headline PCE rose from 2.8% to 3.5% in March, while core PCE increased from 3% to 3.2%.

Goods prices were up 0.7% in March compared with a year ago, and increased 1.4% on a monthly basis.

Services prices rose 2.8% compared with last year in March, and were up 0.3% on a monthly basis.

HOW DOES FED CHAIR NOMINEE KEVIN WARSH VIEW THE CENTRAL BANK’S INFLATION GOAL?

The BEA reported that headline PCE inflation was up 3.5% from a year ago in March, while core PCE was up 3.2%. (Justin Sullivan/Getty Images / Getty Images)

The personal savings rate as a percentage of disposable personal income was 3.6%, down from 3.9% in February and 4.5% in January.

Since the start of 2025, the personal savings rate has declined from 5.1% in January 2025 and a recent peak of 5.5% last April.

What experts are saying

Heather Long, chief economist at Navy Federal Credit Union, said that while the “stock market and economy are being held up mainly by the big surge in AI investment,” the inflation

“Meanwhile, on Main Street, people are hurting from the highest inflation in three years and gas prices back at $4.30. Households are paying about $70 more a month at the pump. Nearly half of the larger tax refunds have already gone to pay for higher gas prices for many families,” Long said. “The only encouraging news is layoffs remain low. But it’s a big warning sign that consumption has slowed to just 1.6% in the first quarter.”

WHO IS KEVIN WARSH, TRUMP’S PICK TO SUCCEED JEROME POWELL AS FED CHAIR?

Federal Reserve Chair Jerome Powell and the FOMC left rates unchanged at yesterday’s meeting amid elevated inflation. (Nathan Howard/Reuters / Reuters)

Bret Kenwell, U.S. investment analyst at eToro, said that, “Headline PCE was in-line with expectations, but that doesn’t soften the blow very much.”

“It still marked the highest year-over-year reading in almost three years, while goods inflation remains a clear pressure point. Durable goods inflation has gone from deflationary to inflationary since May 2025 and continues to accelerate, while non-durable goods inflation jumped as rising energy costs worked their way through the report,” Kenwell explained.

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NEW YORK — Hertz Global Holdings Inc. shares skyrocketed more than 22% Thursday, surging to $6.85 in morning trading after the car rental giant announced major fleet partnerships with Uber Technologies Inc. through its new affiliate Oro Mobility, positioning the struggling company for a potential role in the autonomous vehicle revolution.

The deal marks Hertz’s boldest move yet into next-generation mobility services. Oro Mobility will provide comprehensive fleet management — including charging, maintenance, repairs, cleaning and depot operations — for Uber’s autonomous robotaxi program using Lucid vehicles equipped with Nuro AV technology. Services are set to launch in the San Francisco Bay Area later this year, with broader expansion planned for 2027.

A second partnership will see Oro operate driver-led vehicles on the Uber platform, with Hertz-employed drivers in select markets. Pilots already ran successfully in Atlanta, with operations now active in Los Angeles and San Francisco and Northern New Jersey launching this spring.

Hertz CEO Gil West hailed the agreement as transformative. “This partnership with Uber establishes Oro as an integrated solution that connects demand with scalable fleet management services,” West said in a statement. “Through this work, we’re deepening our capabilities across diverse mobility use cases and positioning Hertz to play a significant role as the industry evolves.”

The announcement triggered heavy buying volume as investors bet on Hertz’s pivot beyond traditional rentals. Shares had traded as low as $5.35 earlier in the session before rocketing higher on the news, easily outpacing broader market gains. The stock remains well below its 52-week high near $8.65 but has shown volatility typical of a high-beta turnaround story.

Analysts offered mixed reactions. The partnership provides a much-needed growth narrative for Hertz, which has battled heavy losses, fleet depreciation pressures and a painful EV strategy retreat in recent years. Yet questions linger about execution risks, capital needs and whether the deals can meaningfully move the needle on profitability.

Hertz has been on a rocky path. The company posted a full-year 2025 net loss of $747 million amid softening used-vehicle values and pricing challenges. Aggressive EV fleet expansion earlier in the decade backfired as resale values collapsed, forcing sales at steep losses. Management has since focused on right-sizing the fleet, improving revenue per day and expanding off-airport locations.

Q1 2026 guidance pointed to mid-single-digit revenue growth, supported by better pricing and demand trends. Hertz.com traffic jumped 15% in recent periods, aided by road-trip interest amid occasional airport disruptions. Earnings are scheduled for May 7, with investors hoping for signs of stabilization.

Wall Street’s consensus remains cautious. Most analysts rate HTZ as Hold or Sell, with an average 12-month price target around $4.50 to $5.73 — well below today’s levels. Recent moves include Northcoast downgrading to Sell on valuation concerns before upgrading back to Neutral. Short interest hovers near 47%, making the stock susceptible to squeezes.

The Uber deal injects optimism. Autonomous and fleet-as-a-service models could generate steadier, higher-margin revenue than spot rentals. Hertz brings decades of fleet management expertise, while Uber provides demand scale. Success could help offset traditional rental cyclicality tied to travel, oil prices and economic conditions.

Still, Hertz faces structural headwinds. High debt levels, interest expenses and residual value volatility remain concerns. The company ended 2025 with about $1.17 billion in cash, providing some buffer, but liquidity and balance sheet repair are priorities.

For retail investors, the surge highlights Hertz’s speculative appeal. The stock has delivered sharp rallies on positive catalysts — used-car price gains, travel demand spikes and now mobility partnerships — but often gives back gains on execution misses or macro pressures. Year-to-date performance had been choppy before Thursday’s breakout.

Industry peers reacted too. Avis Budget Group shares fell sharply in sympathy earlier in the week on broader rental sector concerns, underscoring competitive intensity and margin pressures.

Longer-term, Hertz’s recovery hinges on multiple fronts: fleet optimization, cost discipline, used-vehicle market stability and successful new ventures like Oro. CEO West, who took the helm in late 2024, has emphasized operational improvements and strategic diversification.

Market watchers note the timing. With robotaxi hype building around companies like Waymo, Cruise and Tesla, Hertz’s entry via partnerships offers lower-risk exposure. Oro could become a platform serving multiple OEMs and operators, creating a new revenue stream less tied to consumer travel cycles.

Risks abound. Autonomous deployment faces regulatory, technical and public acceptance hurdles. Scaling fleet operations profitably requires precise cost control. Competition from dedicated players and other rental firms entering the space could intensify. Hertz must also manage legacy challenges, including pension obligations and international exposure.

Investors weighing “Is HTZ a buy now?” confront a classic turnaround dilemma. At current prices, the stock trades at a discount to historical norms but reflects genuine risks. Bulls see optionality in mobility and eventual profitability; bears highlight ongoing losses and execution uncertainty. Q1 earnings next week will offer fresh data points on progress.

For now, the Uber partnership has reignited momentum. Volume spiked as traders piled in, with call options seeing strong activity. Whether the gains hold depends on follow-through — converting headlines into sustainable cash flow and proving Oro can scale.

Hertz remains a high-risk, high-reward name in a transforming auto and mobility landscape. Thursday’s surge underscores how quickly sentiment can shift on strategic news, but fundamentals will ultimately decide if this is the start of a lasting recovery or another volatile chapter.

As the market digests the announcement, attention turns to May 7 earnings and any color on partnership economics. For a company once synonymous with traditional rentals, Hertz’s pivot toward autonomous and fleet services could redefine its future — if it can navigate the operational and financial challenges ahead.

‘This move represents much more than a new office for us – it’s a really important moment in a 150‑year relationship with Newcastle and the North East’

A leading property consultancy has marked 150 years of operating in Newcastle and the wider North East through the launch of a new city centre office.

Real estate advisor Avison Young has been involved in a raft of high profile projects across the region, including its support of ambitious projects such as Forth Yards, the regeneration of Pilgrim Street and Founder’s Place in Newcastle, together with transformational schemes in Sunderland, Durham and Gateshead.

The business has now relocated from Central Square South to Wellbar on Gallowgate, next to St James’ Park, after striking a 10 year lease deal. The firm has relocated to a 4,400 sq ft space on the eighth floor of Wellbar, which will give its 30 colleagues and offers panoramic south‑facing views across the city.

Avison Young bosses said the move underlines its long‑term commitment to the region and confidence in its future growth. Wellbar is owned by the Reuben Brothers, and Avison Young supported the billionaire real estate firm in its acquisition of the building for around £21m in December 2023.

The firm also manages the building on their behalf, providing ground floor front‑of‑house staff while delivering all professional services within the building. Other occupiers include Sky, Irwin Mitchell, Eversheds and Kennedys.

The move comes as the business marks 150 years in Newcastle, originally established in 1876 as Lamb and Edge. From its origins managing the Grainger Estate in Grainger Town, Gordon Hewling, managing director of the Newcastle office, told how the firm has played a central role in shaping Newcastle’s built environment through periods of industrial growth, post‑war regeneration and modern‑day transformation.

Mr Hewling, principal in the building and project consultancy, said: “This move represents much more than a new office for us – it’s a really important moment in a 150‑year relationship with Newcastle and the North East.

“We’ve grown alongside the city through industrial expansion, post‑war reinvention and into the modern, outward‑looking regional centre it is today, and we’re incredibly proud of the role we’ve played in shaping that journey.

“Moving into our new home in a building we manage on behalf of a long‑standing client is a powerful reflection of who we are as a business and how we work. Being just five minutes from Grey’s Monument and Eldon Square puts us at the heart of the city, in an area set to see more change over the next decade.

“As we look ahead, this move is about carrying that legacy forward: continuing to support growth, attract investment and help shape places where people, businesses and communities can thrive. We’re excited about the next chapter.”

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

FedEx and UPS said they will return tariff refunds to customers after a Supreme Court ruling opened the door to potentially billions of dollars in reimbursements tied to Trump-era import taxes.

The companies said they plan to pass along any recovered funds as the federal government begins processing refund claims for duties collected under the International Emergency Economic Powers Act (IEEPA), a move that could affect a broad swath of importers.

UPS CEO Carol Tomé said on the company’s first-quarter earnings call that UPS processed 16 million IEEPA-related entries and remitted more than $5 billion in tariffs to the U.S. Treasury.

“We are just a pass-through,” Tomé said, adding that once refunds are issued, UPS will send the money “right back to our customer.”

TRUMP ADMIN TO BEGIN REFUNDING $166B TO BUSINESSES IN WAKE OF SUPREME COURT DECISION

A United Parcel Service driver loads packages at the New Orleans Convention Center. (Jim West/UCG/Universal Images Group via Getty Images)

FedEx similarly said it intends to return funds to customers as soon as it receives refunds from U.S. Customs and Border Protection (CBP), reinforcing that logistics firms act primarily as intermediaries in tariff collection.

POWELL SAYS HE’LL STAY ON FED BOARD AFTER CHAIRMANSHIP ENDS BUT WON’T BE A ‘SHADOW FED CHAIR’

The developments follow a February Supreme Court ruling that found the 1977 law used by the Trump administration does not authorize presidents to impose tariffs, effectively invalidating a broad set of import duties applied to goods from major trading partners.

FedEx trucks are parked at a distribution center in San Diego, California. (Kevin Carter/Getty Images)

The decision could trigger a significant wave of repayments, with roughly $166 billion in tariff collections potentially subject to refunds, according to government data cited in court filings.

Thousands of companies have already moved to file claims after the federal government launched a new system to process refunds earlier this month, signaling strong demand for reimbursement.

CBP said it began rolling out a phased refund system on April 20, allowing importers and brokers to submit claims through its online portal. The agency said most valid refunds are expected to be issued within 60 to 90 days after approval, though more complex cases could take longer.

For logistics companies like UPS and FedEx, the refunds are not expected to materially impact financial results because the firms primarily collect tariffs from customers and remit them to the federal government.

Still, the scale of the refunds highlights the broader economic impact of the tariffs, which disrupted global trade flows and weighed on corporate earnings across multiple industries.

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While the court ruling struck down tariffs imposed under IEEPA, other trade measures remain in place, and officials have signaled that additional duties could still be pursued under alternative legal authorities.

FOX Business reached out to FedEx and UPS for further comment. 

Reuters contributed to this report. 

The brand, which has more than 120 showrooms throughout the UK, has filed for Chapter 7 bankruptcy in the US

Wren Kitchens has confirmed that its decision to withdraw from the US market will have no bearing on its Barton-based UK operations. The brand, which boasts more than 120 showrooms across the UK and is owned by Hull-born entrepreneur Malcolm Healey, has filed for Chapter 7 bankruptcy in the States, where it launched approximately six years ago.

The company says the move, which has resulted in job losses and store closures, will enable it to channel investment into its UK business, which continues to grow. Newly released accounts for the UK arm, Wren Kitchens Limited, reveal turnover surpassed £1bn in 2025 — the second highest figure in the company’s history — with operating profits exceeding £101m.

The firm has spoken of opportunities to expand its network of 124 showrooms, including the addition of further “small format” locations away from traditional retail parks. In recent years the UK business, which employs more than 7,000 staff including over 2,300 at Barton, has also successfully ventured into the bedrooms market with a dedicated factory established for that purpose.

All of this was achieved despite what CEO Mark Pullan described as a “somewhat challenging” year, with economic uncertainty and a prolonged housing market slowdown leading some customers to postpone kitchen renovation projects. Wren cited its inability to secure favourable terms on retail properties to grow its store network as the primary reason for exiting the US market.

Mr Pullan said: “We reluctantly took the decision to appoint a Trustee who is managing our exit from the US market, in line with US regulations. We regret the impact of this decision on our US colleagues and our customers and thank both of them for their support.

“Our focus is on further growing our UK business where last year we recorded our second most successful year since the business began and hit the £1bn turnover mark with strong profits despite what remains a subdued market. Encouragingly, this market growth has carried through into the first quarter. These results reflect the hard work and dedication of our teams across the business and our sustained re-investment in the business – over £500m over the past 15 years.”, reports Hull Live.

“We are beginning to see the early benefits of the investment in our new factory, which is enhancing both capacity and efficiency, while continued investment across our UK operations is helping to improve resilience, support fuel cost stability and reduce our environmental impact.

“While we remain mindful of potential uncertainties arising from the geopolitical situation, we are confident in the strength of our business and with all our focus on the UK, we will be accelerating our new store rollout programme over the year, with the launch of 15 new showrooms as well as new product categories.”