Shares of export-focused shrimp and textile companies surged up to 7% on Tuesday as tariff refunds from former US President Donald Trump’s administration began, following a US Supreme Court ruling that deemed the tariffs illegal. More than 56,000 registered importers can now file claims through a new federal portal to recover a portion of $127 billion in tariff refunds, including interest.
This follows the Supreme Court’s 6-3 ruling on February 20, which invalidated Trump’s import tariffs. The tariffs, initially set at 10% on April 2 last year, were increased to 25% in August and then to 50% on imports of Russian oil. They were later reduced to 18% in February this year, but the Supreme Court ruling nullified the entire tariff regime.
Indian shrimp and textile companies, which rely heavily on US exports, are seeing a boost in stock prices due to the refunds and anticipated demand recovery. However, it is important to note that Indian exporters will not receive any of the tariff refunds; these will go to their American clients who imported the goods.
