Catenaa, Friday, November 14, 2025- Several Wall Street heavyweights have struck deals with companies that could be eligible for reimbursement if the US tariffs are found to be unlawful by the Courts.
Yet investors are still finding the trade can be had at relatively low cost. Depending on the kind of tariff, the claims were quoted around 10 to 25 cents on the dollar this week, Bloomberg reported.
That’s only a modest increase from before the November 5 hearing, suggesting there are still plenty of questions over whether the gambit will ever deliver.
Funds, including King Street Capital Management, Anchorage Capital Advisors, and Fulcrum Capital Holding, have bet on tariff-refund claims.
Seaport Global Holdings is among the brokers matching importers with investors, they said, along with Jefferies Financial Group and Oppenheimer, as Bloomberg previously reported.
The court is weighing whether Trump had the authority to use the International Emergency Economic Powers Act to impose duties on imports from nearly every country.
If it decides he didn’t, there’s the chance of full refunds, though any reimbursement process could be lengthy and cumbersome, with importers potentially filing individual claims for each shipment affected by the so-called IEEPA tariffs.
That’s another layer of uncertainty, said Matthew Hamilton, co-founder of Fulcrum: Even if Trump overreached, businesses might not get refunds for the duties they’ve paid.
By hedge fund standards, the tariff refund bets aren’t massive. Companies have paid more than $100 billion in tariffs so far, but each trade is idiosyncratic, and they’re hard to do on a large scale.
The importer remains the legal owner of the claim, but in exchange for the agreed-upon price, agrees to pursue a refund and facilitate its payment to the investor, according to people familiar with the contracts.
