U.S. companies have finally gotten $71 billion in tariff refunds, but they’re using it to offset inflation caused by the Iran war

American companies are finally getting relief from tariff refunds—only it’s just in time for a new wave of inflationary economic factors.

The U.S. Customs and Border Protection issued $49.2 billion in refunds in June, according to the U.S. Treasury’s monthly statement, bringing total tariff refunds to about $71 billion, or more than 60% of the $166 billion available following the Supreme Court striking down tariffs under the International Emergency Economic Powers Act (IEEPA) in February.

But as companies recoup costs associated with the  import taxes they were forced to pay last year, they’re finding that, in many cases, those funds are being eaten up thanks to the impact of other economic pressures.

“We do expect some more pressure on the business from a commodity standpoint,” PepsiCo Chief Financial Officer Steve Schmitt said in the company’s earnings call last week. “We will be using the tariff, essentially the refunds, to help offset some commodity inflation that we’re seeing and allow us to continue to play offense in the business.”

The company’s CEO Ramon Laguarta said the Iran war and its impact on gas prices in particular have impacted consumer behavior, reducing discretionary spending and trips to convenience stores, which is correlated with purchases.

Marcos Gabriel, CFO of spice brand McCormick &........

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