Audio By Carbonatix
Online fashion retailer Asos is seeking refunds from the US for £7m in 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.
Hundreds of thousands of firms could potentially win back some money.
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 the COVID-19 lockdowns.
It has since experienced a downturn as consumer demand weakened and amid 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.
Refund system begins
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.
The refunds relate to levies charged under the International Emergency Economic Powers Act (IEEPA).
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."
He said the system appeared to be "overwhelmed".
US Customs and Border Protection has said that successful applicants can expect refunds, along with any applicable interest, to be paid within 60 to 90 days.
However, some individual consumers, who were hit by the tariffs indirectly through higher prices, are not expected to be compensated.
Latest Stories
-
Cobolli using Nadal’s shower in bid for French Open glory
50 minutes -
Director Wim Wenders withdraws 1975 film over actress’s teen topless scene
60 minutes -
Berrettini tired of retiring as injury strikes again
1 hour -
Sabalenka lets another golden Slam opportunity slip
1 hour -
Man shot dead by FBI after taking hostages at California bank
1 hour -
‘Crazy’ phone call between Trump and Netanyahu complicates Iran talks
2 hours -
Shell pumped oil through Nigeria pipeline for years despite pollution evidence, documents show
2 hours -
Meta workers can opt out of being tracked at work – but only for half an hour at a time
2 hours -
DACF, Wahu Mobility partner to roll out 5,000 electric motorcycles across Ghana
2 hours -
US announces new tariffs over forced labour concerns
2 hours -
One dead, 2 remain trapped after building collapse at Adenta
2 hours -
‘You’ve Done Very Well’: Multimedia COO Ken Ansah applauds Jeffrey Nortey’s journey and pledges support
2 hours -
Fire destroys parts of Makola Market
3 hours -
Multiple people trapped after storey building collapsed at Adenta New Site
3 hours -
Parts of Accra flood again after Wednesday downpour
3 hours