Walmart took in $2.9 billion in tariff refunds in a single quarter. Apple did not disclose a figure, but analysts put its reimbursement at about $2.2 billion. Billions are moving through corporate income statements, and the next stage of the process, run by U.S. Customs and Border Protection (CBP), has slipped to early October.
Brazilian companies are collecting too, though most exporters to the U.S. have kept quiet about it. Jet maker Embraer booked R$358.6 million in second-quarter results tied to recovered import duties. Together with the exemption of aircraft and parts from the latest round of U.S. tariffs, XP said in a client report, the refunds led Embraer to raise its expected profit margin for the year. Embraer declined to comment to Valor.
Taurus gets nearly all it asked for
Firearms maker Taurus recognized R$91.1 million in refunds, nearly the full amount it requested. “From the outset, we believed there could be a Supreme Court victory over the tariff’s unconstitutionality,” said CEO Salesio Nuhs. “So we began gathering the documentation so we would have it ready when the time came.” Because Taurus exports to a U.S. subsidiary, that unit filed the refund claim, which made the process easier.
The U.S. supplies more than 80% of the company’s firearms sales. Its products were not exempted, so they faced a 50% rate: the 10% “reciprocal” tariff from April 2025 plus a 40% surcharge added in August. That lasted until the Supreme Court struck the tariffs down on Feb. 20, ruling that the International Emergency Economic Powers Act did not authorize the president to impose them.
WEG and Suzano wait their turn
J.P. Morgan recently pointed to WEG, the Santa Catarina electric motor maker, which it estimates could receive R$170 million to R$230 million, up to 9% of projected third-quarter EBITDA. WEG paid the 10% tariff first and the extra 40% later. Some products were then exempted, others stayed at the maximum rate.
Pulp and paper producer Suzano and two subsidiaries took the court route. Valor obtained their February filing, made days after the Supreme Court ruling, asking the U.S. Court of International Trade to order CBP to “reliquidate” tariffed imports and process refunds. Reliquidation means reopening an import entry already finalized so the duties can be recalculated. The filing names no amount. Brazilian pulp paid the 10% tariff until it was exempted in September. Neither Suzano nor WEG has said publicly that it applied to U.S. customs, and both declined to comment.
The trade court did order CBP to reliquidate, including entries already final. The government appealed that broader order, and the case sits before the Federal Circuit. The Trump administration argues CBP cannot reopen a finally liquidated entry on its own and needs a court order like the one Suzano wants.
October 6
A CBP representative told the trade court the next phase will cover imports whose reliquidation a court has ordered. It was expected in August but was postponed while CBP adapted its refund system. The new start date is Oct. 6.
Some in Washington worry CBP may be changing its mind. Matthew McConkey, a partner at Mayer Brown, which is associated with Brazil’s Tauil & Chequer, does not. “I believe CBP is acting in good faith, and I say that because this entire process is being conducted through the courts,” he said.
Tax partner William Roberto Crestani of Pinheiro Neto Advogados said he has heard, without names, of Brazilian machinery, steel and pulp and paper companies that have secured refunds and others still pursuing them. Some payments, he said, are stuck on practical problems such as missing bank information. Abimaq chair José Velloso believes several of the machinery association’s members are seeking reimbursement in the U.S.
