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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] LG Energy Solution has reportedly received a partial refund after applying to the U.S. government for reciprocal tariff reimbursements, with expectations to recover additional funds amounting to several hundred billion won over the next 90 days.
The refund follows a ruling by the U.S. Supreme Court, which determined that the imposition of reciprocal tariffs under the International Emergency Economic Powers Act (IEEPA) was unlawful. The decision is expected to accelerate similar refund claims by major South Korean corporations.
Industry sources indicate that LG Energy Solution was the first among major Korean conglomerates to file for tariff refunds with the U.S. government, having already received a portion of the reimbursement, estimated at around 100 billion won. The total refund amount is expected to reach several hundred billion won, with the process likely to take up to three months.
The U.S. government has been accepting applications for tariff refunds since April. Products subject to the reciprocal tariffs include automotive parts, batteries, machinery, chemical products, and home appliances, while semiconductors, steel, and aluminum are excluded.
Market observers expect that the total refund for Korean companies could exceed 4 trillion won. Companies such as Hyundai Motor Group, Samsung SDI, and SK On are also anticipated to file claims and receive reimbursements.
Analysts note that the refund process, which may take between 60 to 90 days, could have a modestly positive impact on corporate earnings once completed.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
