British Retailer ASOS Moves to Recover US Tariff Costs

ASOS said on Thursday it has started seeking refunds for the 7 million pounds ($9.44 million) of US tariffs paid during the first half of the year, as the British retailer pursues a margin-focused turnaround plan to revive demand. Thousands of companies around the world are filing lawsuits challenging US President Donald Trump’s ⁠sweeping tariffs and seeking ⁠refunds on duties paid, after the levies were deemed illegal by the US Supreme Court in February. Online fashion retailers such as ASOS are particularly vulnerable to duty ⁠costs on imported goods as they work to rebuild profitability after the pandemic-era expansion gave way to weakening consumer demand. Once a standout survivor of the dotcom burst, ASOS has been trying to win back shoppers and cut costs amid stiff competition from cheaper Chinese rivals, Reuters reported. Global retailers are now bracing ⁠for ⁠an impact from the Iran war as customer spending declines and a surge in energy prices and supply-chain snags compound costs further. ASOS said it has taken proactive actions to help mitigate such impact, but gave no details on said actions. The company confirmed its outlook for the full year.