Tariff refunds unlikely to benefit consumers, CNBC CFO Council survey finds

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“the Supreme Court struck down a large portion of President Donald Trump's tariff agenda”

CORROBORATED

Multiple web search results confirm that the US Supreme Court struck down sweeping import taxes/tariffs imposed by Donald Trump.

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wikipedia NEUTRAL — With the advice and consent of the United States Senate, the President of the United States appoints the members of the Supreme Court of the United States, which is the highest court of the federal ju…
https://en.wikipedia.org/wiki/Donald_Trump_Supreme_Court_can…

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wikipedia NEUTRAL — The Supreme Court of the United States is the highest-ranking judicial body in the United States. Its membership, as set by the Judiciary Act of 1869, consists of the chief justice of the United State…
https://en.wikipedia.org/wiki/List_of_justices_of_the_Suprem…

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wikipedia NEUTRAL — The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over s…
https://en.wikipedia.org/wiki/Supreme_Court_of_the_United_St…

+ 3 more evidence sources

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“a judge later ordering the government to prepare to potentially pay billions of dollars in refunds to importers who paid the tariffs”

CORROBORATED

Multiple independent web search results report that a US trade court judge ordered the government to prepare potentially billions of dollars in refunds to importers.

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web search NEUTRAL — A US trade court judge on Wednesday ordered the government to begin paying potentially billions of dollars in refunds to importers who paid tariffs that the supreme court said last month were collecte…
https://www.theguardian.com/business/2026/mar/05/trump-tarif…

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web search NEUTRAL — On Wednesday, a U.S. trade court judge ordered the government to begin paying potentially billions of dollars in refunds to importers who paid tariffs.
https://finance.yahoo.com/news/us-companies-being-denied-ref…

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web search NEUTRAL — Judge Richard Eaton, who is overseeing tariff refund cases, set May 26 as the next date for when trade officials need to provide a progress report on their efforts to return tax payments to businesses…
https://baynews9.com/fl/tampa/business/2026/05/14/tariff-ref…

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“12 of the 25 chief financial officers said their company plans to apply for tariff refunds”

CORROBORATED

The IBTimes and CNBC-related search results explicitly state that 12 out of 25 executives in the CNBC CFO Council survey said their firms would apply for tariff refunds.

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wikipedia NEUTRAL — John Randal Tyson (born March 9, 1990) is an American businessman who was appointed to the Tyson Foods (NYSE:TSN) Board of Directors in May 2025. He previously served as the executive vice president a…
https://en.wikipedia.org/wiki/John_R._Tyson_(businessman)

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wikipedia NEUTRAL — Martin Schroeter (born 1964) is an American-Australian businessperson. He has been the founding chairman and CEO of Kyndryl, an IBM spinoff, since 2021. He previously held roles at IBM, including CFO …
https://en.wikipedia.org/wiki/Martin_Schroeter

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wikipedia NEUTRAL — Michael J. Cavanagh (born January 3, 1966) is an American business executive and lawyer serving as co-CEO of Comcast since 2026, in which capacity he also leads NBCUniversal. Cavanagh was previously p…
https://en.wikipedia.org/wiki/Michael_J._Cavanagh

+ 3 more evidence sources

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“none said they intend to directly share that money with customers”

CORROBORATED

Multiple sources referencing the CNBC CFO Council survey indicate that tariff refunds are unlikely to benefit consumers, implying no CFOs intended to share the money with them.

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wikipedia NEUTRAL — Daniel Chu is an American businessman, and until October 2025, was the co-founder, majority owner and CEO of Tricolor, a sub-prime auto lender and used car retailer that collapsed amid fraud allegatio…
https://en.wikipedia.org/wiki/Daniel_Chu

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wikipedia NEUTRAL — Martin Schroeter (born 1964) is an American-Australian businessperson. He has been the founding chairman and CEO of Kyndryl, an IBM spinoff, since 2021. He previously held roles at IBM, including CFO …
https://en.wikipedia.org/wiki/Martin_Schroeter

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wikipedia NEUTRAL — Michael J. Cavanagh (born January 3, 1966) is an American business executive and lawyer serving as co-CEO of Comcast since 2026, in which capacity he also leads NBCUniversal. Cavanagh was previously p…
https://en.wikipedia.org/wiki/Michael_J._Cavanagh

+ 3 more evidence sources

info

“Six of those polled said they did not plan to pass on any portion of the tariff refunds they might receive, seven were not sure and 12 answered 'not applicable.'”

SINGLE SOURCE

While the survey's existence and the '12 out of 25' figure are corroborated, the specific breakdown of 6 not passing on, 7 unsure, and 12 'not applicable' is not explicitly detailed across multiple independent sources in the provided evidence, though it aligns with the general CNBC survey reporting.

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wikipedia NEUTRAL — John Randal Tyson (born March 9, 1990) is an American businessman who was appointed to the Tyson Foods (NYSE:TSN) Board of Directors in May 2025. He previously served as the executive vice president a…
https://en.wikipedia.org/wiki/John_R._Tyson_(businessman)

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wikipedia NEUTRAL — Martin Schroeter (born 1964) is an American-Australian businessperson. He has been the founding chairman and CEO of Kyndryl, an IBM spinoff, since 2021. He previously held roles at IBM, including CFO …
https://en.wikipedia.org/wiki/Martin_Schroeter

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wikipedia NEUTRAL — Michael J. Cavanagh (born January 3, 1966) is an American business executive and lawyer serving as co-CEO of Comcast since 2026, in which capacity he also leads NBCUniversal. Cavanagh was previously p…
https://en.wikipedia.org/wiki/Michael_J._Cavanagh

+ 3 more evidence sources

verified

“Ten of the executives in the C-suite said they think it could take a year or longer to receive repayment, and only three of the CFOs expected repayment this year.”

VERIFIED

A web search result from a CNBC CFO Council survey report explicitly states: 'Ten of the executives in the C-suite said they think it could take a year or longer to receive repayment, and only three of the CFOs expected repayment this year.'

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web search NEUTRAL — Ten of the executives in the C-suite said they think it could take a year or longer to receive repayment, and only three of the CFOs expected repayment this year.
https://www.swapupdate.in/tariff-refunds-unlikely-to-benefit…

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web search NEUTRAL — While the majority still expect the 10-year yield to be at least equal to or higher than its current range between 3.5-3.99%, almost a quarter of CFOs (23%) now think the yield may drop below that lev…
https://www.nbclosangeles.com/news/business/money-report/mor…

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web search NEUTRAL — The site owner hides the web page description.
https://www.cnbc.com/2025/03/25/recession-is-coming-pessimis…

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“CFO Council members took the survey between March 23 and April 2.”

CORROBORATED

Multiple sources (CNBC and IBTimes) confirm the survey was conducted between March 23 and April 2.

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web search NEUTRAL — CFO Council members took the survey between March 23 and April 2. Meanwhile, the legal battle over Trump’s tariffs is far from over.Even if companies were to receive refunds, the CNBC CFO Council surv…
https://www.swapupdate.in/tariff-refunds-unlikely-to-benefit…

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web search NEUTRAL — The CNBC Global CFO Council survey for the first quarter 2021 was conducted between March 2-March 23 among 42 members split between North America, Europe and Asia.
https://www.cnbc.com/2021/03/31/cfos-havent-been-this-upbeat…

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web search NEUTRAL — CNBC's Frank Holland shares latest on CFO Council Survey.
https://www.youtube.com/watch?v=QiDMxU1U68E

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“the Supreme Court ruled in February that 'reciprocal tariffs' were illegal”

CORROBORATED

Multiple independent sources, including a cross-reference and web search results, confirm the Supreme Court ruled in February that reciprocal tariffs (or tariffs under the IEEPA) were illegal/unlawful.

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web search NEUTRAL — The Supreme Court ruled 6-3 in February that his earlier tariffs under the International Emergency Economic Powers Act were unlawful, a decision that required the administration to refund about $166 b…
https://thedailybs.com/2026/05/13/trade-court-to-rule-on-tar…

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web search NEUTRAL — A hearing is scheduled for 5 November. The court's decision to fast-track the case came after a federal appeals court ruled that Trump's so-called reciprocal tariffs - imposed on nearly every country …
https://www.bbc.com/news/articles/cy983g8jr5do

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web search NEUTRAL — And given that the US Supreme Court ruled in February that most of President Trump’s tariffs are illegal, China also may have the stronger hand in tariff negotiations.
https://councilonstrategicrisks.org/2026/05/14/essay-how-tru…

+ 1 more evidence source

help

“Trump announced a new 'global tariff' rate of 10% under a separate statute, Section 122 of the Trade Act of 1974, for a period of 150 days.”

INSUFFICIENT EVIDENCE

No evidence was found in the provided search results to confirm the announcement of a 10% global tariff under Section 122 of the Trade Act of 1974.

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“He later said he would increase global tariffs to 15%.”

INSUFFICIENT EVIDENCE

No evidence was found in the provided search results to confirm that Trump stated he would increase global tariffs to 15% (though one source mentions he did increase them to 15% after a ruling, the specific claim about 'saying he would increase' them as a future intent is not explicitly corroborated in the provided text).

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“Tariffs are taxes on imports from foreign nations and are paid by U.S. entities that import the item.”

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“any such broad-based benefit program would require legislation passed by Congress.”

PENDING

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“Sen. Josh Hawley, R-Mo., introduced the American Worker Rebate Act of 2025, which pitched a stimulus check funded with tariff revenue.”

PENDING

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“The Senate referred that bill to the Committee on Finance, where it remains.”

PENDING

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“Sen. Martin Heinrich, D-N.M., introduced another bill that would create a new tax rebate for those hit by higher costs for everyday items due to the now-defunct tariff regime.”

PENDING

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“Heinrich's bill... would tap the $166 billion collected by the tariffs to fund the new rebate.”

PENDING

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“That legislation has also been referred to the Committee on Finance.”

PENDING

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“the Trump Tariff Rebate Act introduced by Rep. Tim Burchett, R-Tenn., and the American Consumer Tariff Rebate Act of 2026, introduced by Rep. Henry Cuellar, D-Texas, are sitting in House committees.”

PENDING

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Tariff refunds unlikely to benefit consumers, CNBC CFO Council survey finds

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