U.S. retailers reported receiving more than $5 billion in federal tariff refunds in earnings reports released this week alone, as the Trump administration undoes its signature tariff policy and pays back the money it took in—but despite studies showing that consumers bore the brunt of the initial tariff costs, companies are still largely keeping the windfalls for themselves.
Shoppers head out of a Walmart store Wednesday, Feb. 21, 2024, in Englewood, Colo.
The Trump administration is in the process of refunding billions in tariff revenue after the Supreme Court struck its most sweeping tariff policy down, reporting in an August court filing that it has so far refunded $100 billion of the approximately $166 billion it’s set to give back in total.
That’s resulted in some of the country’s biggest companies and importers receiving millions in tariff refunds in recent months, with companies including Apple, Nike, GM and more reporting nine-figure refunds last quarter that have boosted their bottom lines.
In earnings this week, retailers that reported giant tariff refund checks included Target ($994 million), Home Depot ($730 million), TJ Maxx owner TJX ($331 million), Lowe’s ($80 million) and Ross ($253 million), with Walmart reporting the biggest refund at $2.9 billion.
