Finance leaders are divided on how they’d use potential tariff refunds—with just 18% saying they’d fully roll back price increases

Good morning. For corporate America, tariffs have shifted from policy experiment to structural reality. The Supreme Court’s ruling on the International Emergency Economic Powers Act (IEEPA) may open the door to refunds, but it also resets the rules yet again.

Companies like FedEx sued for a full refund following the court’s decision, and Costco sued before the ruling. But beyond those headline cases, what are companies thinking about potential refunds?

KPMG shared with CFO...