Fast fashion retailer Asos has revealed that it is seeking to reclaim £7 million in US tariffs paid during the first half of its financial year. The company said it had begun the process of recovering the duties imposed on products shipped to America in the six months to March 1.
The move follows a February decision by the US Supreme Court to overturn President Donald Trump's import tax policy, ruling that a 1977 law did not grant him the power to impose tariffs without congressional approval. Days after the ruling, Mr Trump invoked Section 122 to introduce a 10% tariff on foreign goods, but the Supreme Court's decision opened the door for repayment claims under the original regime.
Asos said the tariffs had caused fulfilment disruption and knocked £7 million off its profit in the half-year 2025-26. The company noted that it had taken action to mitigate the impact, including pricing adjustments, while emphasising that the US remains a key strategic market and one of its most profitable regions.
The group also said it had taken proactive steps to offset rising costs linked to the Middle East conflict. It narrowed pre-tax losses to £137.9 million for the six months to March 1, down from £241.5 million a year earlier. Gross merchandise value fell 9% to £1.17 billion, though the company reported early signs of improvement, with UK new customers up around 10% despite a 5% drop in UK GMV.
Asos added that it had seen further sales improvements in its third quarter, helping shares rise 4% in midday trading on Thursday. Chief executive Jose Calamonte said: “The first half of 2026 has seen significant progress and momentum for Asos. Together, we are taking decisive steps towards re-establishing Asos as a leading online fashion destination.”
