UPS · 10-Q · 2026Q2 · Full report

Trade Policy and Tariffs

UNITED PARCEL SERVICE INC · 2026-08-05 · Importance 53 · Surprise 60 · Matches filing data

In February 2026, the U.S. Supreme Court invalidated certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). UPS filed for refunds and received U.S. Customs and Border Protection approval for approximately $500 million of eligible IEEPA tariffs paid. Trade policy changes, including de minimis exclusions, reduced export volume in U.S.-destination lanes and contributed to lower U.S. import volume from EMEA. Asia-to-U.S. demand partially offset the decline, led by China outbound volume after UPS lapped the elimination of the de minimis in May 2026.

Key facts

• UPS has filed and received U.S. Customs and Border Protection approval for approximately $500 million of IEEPA tariffs paid for entries eligible for refund. source
• Export average daily volume decreased 4.2% for the quarter and 4.9% year to date, led by declines in EMEA intra-regional movements and U.S. destination lanes resulting from trade policy changes, including de minimis exclusions. source

Impact estimates