LG Energy Solution to receive $73 million in U.S. tariff refunds

LG Energy Solution is set to receive a refund of approximately 100 billion won in tariffs from the U.S. government. This follows a U.S. Supreme Court ruling in February that deemed the " 10% tariffs imposed under the International Emergency Economic Powers Act (IEEPA) by the Trump administration as unlawful. The court found that the administration did not have the authority to impose such broad tariffs.

Following the Supreme Court's decision, the U.S. government began accepting refund applications from companies in April. The tariffs in question were applied to various imported goods, including batteries, machinery, chemical products, home appliances, and auto parts, starting in April of the previous year. The rate was initially 10%, increased to 25%, and later reduced to 15% for South Korean products after negotiations.

LG Energy Solution is not the only company expected to seek refunds. Hyundai Motor Group, Samsung SDI, and SK On are also anticipated to apply. The Korea Customs Service estimates that annual exports to the U.S. subject to these tariffs amount to about $21 billion (approximately 32.8 trillion won). This suggests that the total refund amount for domestic companies could reach several trillion won.