Dutch electronics conglomerate Philips has been awarded a €186 million (£161 million) refund for tariffs imposed by President Donald Trump but later revoked. The Supreme Court ruling gave affected companies the opportunity to apply for and receive compensation, which Philips has now done.
When there was an opening, we were one of the first to submit documents and therefore we are now also one of the first companies to be compensated, says CEO Roy Jakobs.
The company expects to receive the remaining customs duties back during the third quarter.
