crucial quote
“Nintendo or one of its retailers set a price for each product, and consumers decided whether that price was worth paying,” Nintendo’s attorneys wrote. “Those who bought Nintendo’s products received exactly what they bargained and paid for: a console, game and/or accessory at a price to which both parties agreed.”
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what companies will issue tariff refunds?
Only a few have publicly stated they would pass on tariff refunds to consumers: Costco CEO Ron Vachris said in March the company would turn tariff refunds into “lower prices and better values.” FedEx said it would issue refunds to shippers and consumers who originally paid the tariff charges. UPS similarly said it would reimburse customers for tariff-related charges.
tangent
Ford, which has said it would not pass on tariff refunds, faces a proposed class-action lawsuit in Michigan from consumers who claim they should receive reimbursement. Ford previously said it expected a one-time $1.3 billion refund.
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key background
Nintendo announced a price hike for its then-upcoming Switch 2 console one day after President Donald Trump announced sweeping tariffs against more than 180 countries last year. The video game firm launched global price hikes again earlier this year, citing “market conditions,” following similar moves by Sony and Microsoft amid a broader chip supply crunch. The Trump administration has said it would refund $166 billion to some 300,000 different importers after the Supreme Court ruled Trump’s levies were unlawful, leading the way for many firms, like Nintendo, to sue for reimbursement. Some economists have warned that tariff rebates would only benefit U.S. importers. Among those making that argument is UBS chief economist Paul Donovan, who wrote earlier this year it “seems unlikely anyone will rush to lower prices to their consumers.”
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further reading
ForbesNintendo’s Switch 2 Gets A $50 Price Hike—Company Blames ‘Market Conditions’By Siladitya RayForbesNintendo Surprises With Switch 2 Price Hike—As Trump Imposes Tariffs On China And VietnamBy Conor MurrayForbesTariff Refunds Start Today—But Average Consumers Won’t BenefitBy Ty Roush