Retail giant Target receives $1bn boost from tariff refunds

Target has revealed it has received almost $1bn (£733.9m) in tariff refunds from the US government which boosted the retailer's latest profits. The American chain said it received a $994 million pre-tax reimbursement, which resulted in its second quarter operating income doubling to $2.6bn from $1.3bn last year.

Target is the latest of many businesses both large and small being given tax rebates on goods imported to the US following a Supreme Court ruling that declared a wave of President Donald Trump's import tariffs were unlawful. However, Trump has continued to impose duties on goods coming into the US through different legal means, meaning many companies still face extra taxes. The president announced on Tuesday he would delay the introduction of a raft of new import taxes on various Canadian goods for three days as negotiations over a trade deal continue.

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