Publicly listed German companies have received more than €790 million in US tariff refunds over the past several weeks, based on financial reports and corporate disclosures. Logistics group DHL received €416 million and said it would pass the money to customers as quickly as possible because it had initially transferred the tariffs to them. Siemens Healthineers received about €200 million, while Puma received about €49 million, Sartorius €26 million, Dräger about €22 million, SMA Solar €22.3 million, Zeiss Medical €20.8 million, Knorr-Bremse €20 million and Rational €14 million. Further repayments may follow: Adidas expects $250 million to $300 million, Merck anticipates repayments in the high double-digit million-euro range during the year, and DHL expects additional US transfers. The tariffs were introduced by US President Donald Trump after his April 2025 Liberation Day announcement and were imposed under the International Emergency Economic Powers Act (IEEPA), a US law granting emergency economic powers. The Supreme Court ruled them unlawful in February 2026, finding that Trump had exceeded his authority. The US government refunded about $81.3 billion, or roughly €65.5 billion, between October 2025 and the end of June 2026, compared with just under $5.3 billion in the comparable period a year earlier. Reuters reported that total repayments could reach about $175 billion. Washington has since imposed new tariffs of 10% or 12.5% on 60 trading partners, citing inadequate action against forced labor, but the measures have triggered lawsuits by 25 Democratic-led US states and smaller companies. The WTO (World Trade Organization) says lower trade costs supported a 30% to 45% increase in global trade between 1995 and 2020, underscoring how tariff uncertainty continues to affect markets.