Online fashion retailer Asos is demanding £7 million in refunds from the US for tariffs paid in the first half of its financial year, as businesses rush to claim reimbursements following a Supreme Court ruling that struck down Donald Trump's so-called "Liberation Day" tariffs.
The US Supreme Court ruled in February that the former president had exceeded his authority when imposing the tariffs, paving the way for what is expected to be the largest repayment program in history. An online portal for claims opened on Monday, and Asos confirmed it has initiated the refund process.
"We have started pursuing refunds for tariffs paid," the company said.
Hundreds of thousands of businesses could potentially reclaim money. Asos made the announcement alongside its half-year results, which showed narrowing losses. The company reported a pre-tax loss of £137.9 million for the six months to March 1, compared with a £241.5 million loss a year earlier.
Once considered a "pandemic darling" due to a surge in online shopping during Covid lockdowns, Asos has since struggled with weaker consumer demand and increased competition from cheap Chinese rivals like Shein.
The company also noted 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 continues to monitor developments.
The refunds stem from levies charged under the International Emergency Economic Powers Act (IEEPA). In March, the US Court of International Trade ordered customs officials to refund over $160 billion (£121 billion) collected in tariffs, affecting roughly 330,000 importers.
As of early April, more than 56,000 importers had completed the steps to apply online, with claims totaling $127 billion. Some businesses reported a smooth experience, while others encountered error messages due to high system volume.
"The system is currently experiencing high volume, please try again later," one applicant reported receiving.
US Customs and Border Protection has said successful applicants can expect refunds, plus interest, within 60 to 90 days. However, individual consumers who were indirectly affected by higher prices are not expected to receive compensation.