Asos demands £7m from US as firms rush to claim tariff refunds

Asos demands £7m from US as firms rush to claim tariff refunds13 minutes agoShareSaveAdd as preferred on GoogleShanaz MusaferBusiness reporterAFP via Getty ImagesOnline fashion retailer Asos is seeking refunds from the US for the £7m worth of 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 Covid lockdowns.It has since experienced a downturn as consumer demand weakened and in the face of 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 beginsIn 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 onli...