{"id":100082,"date":"2026-09-23T16:13:32","date_gmt":"2026-09-23T19:13:32","guid":{"rendered":"https:\/\/murray.adv.br\/?p=100082"},"modified":"2026-09-23T16:13:32","modified_gmt":"2026-09-23T19:13:32","slug":"tariff-refunds-lift-earnings-ahead-of-next-u-s-phase","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/tariff-refunds-lift-earnings-ahead-of-next-u-s-phase\/","title":{"rendered":"Tariff refunds lift earnings ahead of next U.S. phase"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"medium-centered subtitle\">\n<h6 class=\"content-head__subtitle\" style=\"text-align: center\"><em><strong>Embraer and Taurus book hundreds of millions of reais in tariff refunds, while WEG could receive up to R$230m; Suzano seeks reimbursement through U.S. courts<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-09-23T07:21:14.076-03:00\">09\/23\/2026<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\"><\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/JNcScLS7nQHX72ejefwDBZYaQ6A=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2026\/f\/k\/GzAM0tRs6MVWVcgWHtAA\/foto23emp-101-tarifa-b3.jpg\" alt=\"Embraer booked R$358.6 million in tariff refunds in the second quarter \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"448\" height=\"718\" \/><figcaption class=\"content-media__description\">E<em>mbraer booked R$358.6 million in tariff refunds in the second quarter \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Tariff refunds boosted second-quarter results at companies with operations in the United States, but the next phase of the reimbursement process has been delayed by the U.S. Customs and Border Protection (CBP) and is now set to begin in early October. Billions of dollars are at stake.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In Brazil, traditional exporters to the U.S. have largely avoided commenting on the issue, but the sums involved are also significant, reaching hundreds of millions of reais.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Jet maker <strong>Embraer<\/strong> booked <strong>R$358.6 million<\/strong> in second-quarter results related to the recovery of import duties. Combined with the exemption of aircraft and parts from the latest round of U.S. tariffs, the refunds prompted the company to raise its expected profit margin for the year, XP said in a report to clients. Contacted by Valor, Embraer declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"16\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Taurus <\/strong>recognized <strong>R$91.1 million<\/strong> in refunds during the period, nearly the full amount it had requested.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cFrom the outset, we believed there could be a Supreme Court victory over the tariff\u2019s unconstitutionality,\u201d said <strong>Salesio Nuhs<\/strong>, CEO of the firearms manufacturer. \u201cSo we began gathering the documentation so we would have it ready when the time came.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The process was easier for Taurus because it exports to a U.S. subsidiary, which filed for the refund, Nuhs said. The United States is the company\u2019s main market, accounting for more than 80% of its firearms sales.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"72\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Taurus products were not included in the exemptions from the tariff package and were subject to a 50% rate \u2014 consisting of the 10% \u201creciprocal\u201d tariff imposed in April 2025 and an additional 40% surcharge introduced in August \u2014 until the U.S. Supreme Court struck down the tariffs in February. The court ruled on Feb. 20 that the International Emergency Economic Powers Act did not authorize the president to impose the tariffs.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">J.P. Morgan recently highlighted the potential upside from refunds for another Brazilian company, <strong>WEG<\/strong>. The bank estimates the company could receive between<strong> R$170 million and R$230 million<\/strong>, equivalent to as much as 9% of its projected third-quarter EBITDA.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The Santa Catarina-based electric motor manufacturer was initially subject to the 10% tariff and later to the additional 40% surcharge. Some products were subsequently exempted, while others remained subject to the maximum rate.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Billion-dollar refunds<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"12\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In the U.S., tariff reimbursements have generated multibillion-dollar gains for some companies.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Walmart,<\/strong> one of the country\u2019s largest importers, received <strong>$2.9 billion<\/strong> in refunds during the quarter, boosting the retailer\u2019s earnings and gross margin. The giant retailer said the amount represented substantially all the refunds it had requested.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Apple <\/strong>did not disclose a figure, but analysts estimated its reimbursement at about <strong>$2.2 billion<\/strong>.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Valor obtained a filing submitted in February by pulp and paper producer <strong>Suzano<\/strong> and two subsidiaries, just days after the Supreme Court ruling. The companies asked the U.S. Court of International Trade to order CBP to \u201creliquidate\u201d imports that had been subject to the tariffs and process the corresponding refunds.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Reliquidation process<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Reliquidation involves reopening an import entry that has already been finalized, or liquidated, so the duties assessed on it can be recalculated.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The U.S. Court of International Trade ordered CBP to reliquidate imports subject to the tariffs, including entries whose liquidation had already become final. The government appealed that broader order, and the case remains pending before the U.S. Court of Appeals for the Federal Circuit.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The Donald Trump administration argues that CBP lacks the legal authority to reopen a finally liquidated entry on its own and must instead act under a court order, such as the one sought by Suzano.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">A CBP representative told the Court of International Trade that the next phase of the refund process will cover imports whose reliquidation has been ordered by a court.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Originally expected to begin in August, the phase was postponed while CBP adapted its refund-processing system. The agency now plans to launch it on Oct. 6 for eligible importers covered by court-ordered reliquidation.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"73\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThere are some people in Washington who are apprehensive about the possibility that CBP may be changing its mind about this phase. I don\u2019t think that\u2019s true. I believe CBP is acting in good faith, and I say that because this entire process is being conducted through the courts [the Court of International Trade],\u201d said <strong>Matthew McConkey,<\/strong> a partner at U.S. law firm Mayer Brown, which is associated with Brazil\u2019s Tauil &amp; Chequer.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Brazilian claims<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"23\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Suzano\u2019s filing does not specify an amount. Brazilian pulp exports were subject to the 10% tariff before the product was exempted in September.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"23\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Neither Suzano nor WEG has publicly said it filed for reimbursement with U.S. customs authorities. Contacted by Valor, both companies declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>William Roberto Crestani,<\/strong> a tax partner at law firm Pinheiro Neto Advogados, said that, without naming companies, he has heard of other Brazilian businesses that have already secured refunds and others that are still pursuing reimbursement. He cited the machinery, steel and pulp and paper industries.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In addition to CBP\u2019s postponement of the next phase, Crestani said some refunds have been held up by practical issues such as missing bank information.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Although few companies have publicly discussed the matter, Brazilian machinery industry association Abimaq Chair <strong>Jos\u00e9 Velloso<\/strong> said he believes several of its members are exercising their right to seek reimbursement in the U.S.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Valor contacted companies in those industries, but none commented. The Brazil Steel Institute also declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Brazil\u2019s National Confederation of Industry said it did not have enough information to address the issue, while the Brazilian Association of Publicly Held Companies (Abrasca) said it does not compile data on individual overseas transactions by its members. The Ministry of Development, Industry, Trade and Services did not respond.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">*By\u00a0Adriana Peraita\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: Valaor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Embraer and Taurus book hundreds of millions of reais in tariff refunds, while WEG could receive up to R$230m; Suzano seeks reimbursement through U.S. courts &nbsp; &nbsp; &nbsp; 09\/23\/2026 Embraer booked R$358.6 million in tariff refunds in the second quarter \u2014 Photo: Divulga\u00e7\u00e3o Tariff refunds boosted second-quarter results at companies with operations in the United [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27164,27163],"class_list":["post-100082","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-lift-earnings-ahead-of-next-u-s-phase","tag-tariff-refunds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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