Tariff refunds were a windfall for US businesses in their most recent quarter. But for American consumers, not so much.
Companies’ recent financial disclosures showed hundreds of millions, if not billions, in government payouts starting in May after the Supreme Court ruled that the Trump administration’s global tariffs were illegal.
Retail giant Walmart revealed this week that it got a $2.9 billion refund, while rival Target got $994 million. Apple got an estimated $2.2 billion. Ford got $1.3 billion. Home Depot got $730 million. Nike got $684 million. Amazon got $640 million.
All told, the government began issuing refunds from the $168 billion collected from 330,000 importers. As of July 31, $100 billion had been sent out, according to a court filing by the US Customs and Border Protection.
But consumers, who often paid higher prices implemented by many businesses to cover the cost of tariffs, will likely see little or no refund money.
