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Deere Secures $272M Tariff Refund, Still Faces $900M Annual Hit

John Deere recovered $272 million in tariffs after a February Supreme Court ruling invalidated charges the Trump administration collected illegally. The company disclosed this refund during its May earnings presentation. The refund provides relief but leaves the equipment manufacturer facing approximately $900 million in net tariff expenses for its current fiscal year ending November 1. The administration continues imposing Section 122 duties and modifying Section 232 levies. Deere's chief financial officer pledged the company will absorb tariff costs rather than passing them to customers, citing inconsistent and dynamic tariff rates in recent months. The company plans to mitigate future tariff expenses through sourcing adjustments and operational measures. Deere joins other major corporations including cosmetics company E.f Beauty and retail giant Walmart in pursuing refunds through U.S. Customs and Border Protection's dedicated recovery portal. As of May 22, the agency reported approximately $85 billion in potential and certified refunds.