Target receives $1bn boost from Trump tariff refunds – BBC News
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US retail giant receives $1bn boost from tariff refunds
Image source: Getty Images
By Michael Race, Business Reporter, Reporting from New York
Published 36 minutes ago
Target has revealed it has received almost $1bn (£733.9m) in tariff refunds from the US government, which boosted the retailer’s latest profits. The American chain said it received a $994 million pre-tax reimbursement, leading to its second-quarter operating income doubling to $2.6bn from $1.3bn last year.
Target is the latest of many businesses, both large and small, being given tax rebates on goods imported to the US following a Supreme Court ruling that declared a wave of President Donald Trump’s import tariffs were unlawful.
However, Trump has continued to impose duties on goods coming into the US through different legal means, meaning many companies still face extra taxes.
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Related topics:
- Retailing
- Donald Trump
- Trump tariffs
- Global trade
- Trade
