Americans’ Top Retailers Are Getting Billions In Tariff Refunds—Including Walmart, Target—But Many Consumers Still Aren’t

BreakingBusinessAmericans’ Top Retailers Are Getting Billions In Tariff Refunds—Including Walmart, Target—But Many Consumers Still Aren’tByAlison Durkee,Forbes Staff. Alison is a senior news reporter covering US politics and legal news.Follow AuthorAug 21, 2026, 01:29pm EDTToplineU.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.Copyright 2024 The Associated Press. All rights reserved.Key FactsThe 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.Those refunds, totaling $5.3 billion, come after Amazon reported $600 million in tariff refunds in July, along with some smaller retailers like Ace Hardware, which got $11.8 million back this quarter.In earnings calls with investors, retail executives have largely suggested they intend to invest their tariff refund revenue back into their companies, rather than passing...