UPS and FedEx announced plans to return tariff refunds to customers after the Supreme Court struck down President Trump's sweeping tariffs in February.
UPS CEO Carol Tomé said the company collected about $5 billion from customers and will issue refunds. FedEx also pledged to refund customers once it receives payments from Customs and Border Protection.
The refunds could total roughly $166 billion, covering tariffs on more than 53 million shipments from over 330,000 importers. The first refunds are expected on or about May 11.