US Supreme Court Rules President Lacks Tariff Power; Customs Returns $100 Billion, A-Share Firms Disclose

The US Supreme Court ruled in February 2026 that the International Emergency Economic Powers Act does not authorize the president to impose large-scale tariffs, and the US Court of International Trade subsequently ordered customs authorities to process related refunds. Customs and Border Protection launched the first phase of refunds on April 20, with initial payments distributed around May 11. As of end-July, the agency had processed approximately US$100 billion in tariff refunds, representing about 60% of the total, with more than US$128 billion in refund claims accepted.

Since July, multiple listed companies have disclosed receipt of US tariff refunds. Guizhou Tire announced on August 7 that its wholly owned overseas subsidiary had received a cumulative total of US$11,983,022.69 in returned tariffs and interest, equivalent to approximately RMB 81,358,732.55. Honghe Technology announced on July 8 that it had received US$4,072,028.47, equivalent to approximately RMB 27,734,178.71.

GeLiBo and MeiXin Technology stated on interactive platforms that they had obtained partial refunds but did not disclose specific amounts. HuaBao New Energy has submitted refund materials, HanSang Technology's US subsidiary has filed an application, and ZheJiang DingLi's US subsidiary has initiated the corresponding procedures.