U.S. Trade Representative: Tariff Refunds Should Be Distributed to Employees as Bonuses
BlockBeats News, March 13th, U.S. Trade Representative Grewal called on those businesses seeking refunds of nearly $170 billion in tariffs due to the Supreme Court overturning the tariffs to distribute the refunds received to employees. Grewal stated on Friday: "If I were these companies, the most important and wisest thing to do once they receive this windfall is to give the money out as a bonus to employees."
He added: "The entire purpose of the President's implementation of these tariffs is to drive reshoring, correcting our massive trade imbalance over the years. If businesses receive this windfall, they should return the money to employees through bonuses or raises, as this is precisely the intent of the plan."
It is currently unclear whether the federal government has the authority to compel businesses to take this action. Grewal's remarks highlight the growing complexity surrounding when and how importers will receive refunds. The tariff revenue is currently held by the U.S. Treasury, with over 1,000 companies having filed lawsuits seeking to recover the amounts previously paid. (Caijing)
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The second paragraph adds stock information, while the fifth, eighth, and ninth paragraphs provide additional details. Background information is supplemented in the sixth, seventh, tenth, and eleventh paragraphs. Reuters, October 8 – Pharmaceutical company Viatris (VTRS.O) will acquire Pacira BioSciences (PCRX.O) in an all-cash deal worth $1.65 billions, adding two non-opioid painkillers to its portfolio, the companies said on Thursday. Viatris will acquire Pacira at $36.50 per share, representing a 44.8% premium to the latest closing price. Pacira’s stock rose by 44% in premarket trading. Pacira’s non-opioid painkillers, Exparel and Zilretta, generated sales in 2025 of $575.1 millions and $116.6 millions respectively. Exparel is used to relieve acute pain after surgery, and Zilretta is used to treat pain associated with knee osteoarthritis. Viatris stated it expects to expand the reach of these products in selected target markets. Viatris CEO Scott Smith stated, “the addition of these medications creates a synergy with our rapid-acting meloxicam market opportunities, positioning us as a leader in non-opioid pain management.” The US Food and Drug Administration (FDA) is expected to make a decision by December 27 on the approval application for rapid-acting meloxicam for the treatment of moderate to severe acute pain. Viatris plans to finance the acquisition primarily with idle cash, and the remainder through short-term borrowing. The company noted the deal will have minimal impact on its total leverage ratio. In August, Viatris (link) raised its annual adjusted profit forecast, counting on strong brand drug sales and growth in the Chinese market. The pharmaceutical company had previously faced (link) production setbacks in its Indian operations, including a fire at its Nashik plant in western India and increased competition in the generic drug market, raising concerns about the resilience and growth of its core business. The company stated the transaction is expected to close by the end of 2026 and will immediately enhance Viatris’s financial guidance metrics. (For non-native English speakers, Reuters provides automated translations of its reports into several other languages. Since automated translations may contain errors or lack necessary context, Reuters does not guarantee their accuracy and provides them for convenience only. Reuters accepts no liability for any damage or loss caused by the use of automated translation.)
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