FedEx Corporation (FDX) filed a lawsuit in the Court of International Trade demanding a full refund for emergency tariffs imposed by President Trump, which the Supreme Court ruled illegal. The Court established the tribunal's exclusive jurisdiction over the tariffs on Friday. FedEx claims the tariffs, justified under the International Emergency Economic Powers Act, were an overreach.

The suit marks the first such action by an American company seeking reimbursement for the tariffs, estimated to have generated over $160 billion in revenue. Trump responded by announcing a new 15% universal tariff requiring Congressional approval to extend beyond 150 days. The legal battle poses significant uncertainty for FedEx and the shipping sector.