Target reported strong fiscal second-quarter earnings, beating Wall Street estimates with 3.8% comparable sales growth and raising its full-year guidance, bolstered by a $752 million net earnings boost from tariff refunds.
Walmart reported fiscal second-quarter revenue of $187.94 billion, beating Wall Street estimates, and raised its full-year outlook as e-commerce grew 23% globally. CFO John David Rainey noted consumers remain stretched by high costs.
US retailer Target reported receiving a $994 million pre-tax tariff refund from the US government, which doubled its second quarter operating income to $2.6bn. The rebates follow a Supreme Court ruling declaring previous import tariffs unlawful.
Target reported a 5.3% increase in net sales for the second quarter, exceeding Wall Street expectations. The results were bolstered by $752 million in tariff refunds, prompting the retailer to raise its full-year earnings and sales growth outlook.
Major U.S. corporations are receiving significant refunds for previously paid, unlawful Trump-era tariffs. While large firms report a smooth repayment process, experts note that ongoing tariffs and complex supply chains make it unlikely that consumers will see price drops.
Apple plans to reinvest its multibillion-dollar tariff refund into shifting supply chains to the U.S., contrasting with smaller businesses using refunds merely to pay off debt and survive following the Supreme Court striking down previous tariffs.
The US administration has paid back $100bn in tariff refunds to businesses following a Supreme Court decision ruling previous import tariffs unlawful.
Amazon received approximately $600 million in tariff refunds in Q2, following a Supreme Court ruling that invalidated tariffs imposed by former President Trump. Some refunds will be passed to customers, while the rest will fund lower prices.
Rivian has filed a lawsuit against the U.S. government, U.S. Customs and Border Protection, and its commissioner, seeking a full refund on tariffs paid under President Trump's "Liberation Day" taxes, which the Supreme Court later deemed unconstitutional. The automaker expects tens of millions in refunds while rolling out its R2 SUV.
A California man is suing Microsoft in a proposed class-action lawsuit, alleging the company pocketed government refunds from illegal Trump-era tariffs instead of passing them to consumers who paid inflated Xbox prices. Similar lawsuits target other retailers like Costco, while some companies like FedEx and UPS plan to issue refunds.
Nintendo has asked a US court to dismiss a class-action lawsuit seeking tariff refunds for customers who bought Switch consoles and accessories, arguing consumers have no legal right to refunds Nintendo may receive from the government. Similar lawsuits have been filed against Sony and Microsoft.
The US Treasury has started refunding $22 billion in tariffs after the Supreme Court canceled surcharges in February. The administration appealed the decision on June 2nd, potentially impacting these initial refunds.
A judge has ordered the immediate refund of duties, citing "growing inequity" between large and small businesses. Customs and Border Patrol plans to refund tariffs later, having processed $23 billion of an estimated $166 billion collected.
A US judge has warned the Justice Department about the risks of the Trump administration's appeal against a ruling ordering the refund of tariffs deemed illegal by the Supreme Court. Judge Richard Eaton cautioned that the appeal could disrupt an online claims system processing at least $85 billion in refunds.
The Trump administration is appealing a judge's order for refunds of US$166 billion in global tariffs, imposed by President Trump and later struck down by the Supreme Court. The appeal could impact ongoing repayment processes by US Customs and Border Protection.
The US Supreme Court struck down Donald Trump's tariffs, leading to $85bn in refunds for importers, with $20bn already refunded and $65bn pending, impacting businesses like Walmart and Jim Beam, and affecting US households with average $1,000 tax increase in 2025.
Despite President Trump's warnings, major US companies like Walmart, Apple, and Home Depot are seeking billions in refunds for tariffs previously paid. U.S. Customs and Border Protection has already processed over $35 billion, with the government owing approximately $166 billion overall. Companies cite fiduciary responsibility and business incentives, with some planning to reinvest refunds into U.S. innovation or keep prices low for consumers.
Amazon faces a class-action lawsuit in Seattle alleging it collected hundreds of millions in unlawful tariff costs by raising prices and then failed to refund consumers after the Supreme Court struck down Trump tariffs. The suit claims Amazon, as importer of record, pocketed funds owed to customers to gain political favor.
Walmart plans to use tariff refunds to lower store prices, citing shopper anxiety over rising fuel costs. CFO John David Rainey noted a "stress" indicator as customers buy less gas, with lower-income consumers being more budget-conscious.
US tariff refunds totaling up to $166 billion could boost Bitcoin's price by increasing bank reserves and easing inflation, but the impact depends on the speed of processing and importer behavior. Analysts watch closely for signs of this dual-channel effect.
After the Supreme Court ruled some of President Trump's tariffs unconstitutional, the first wave of tariff refunds have begun flowing in.
After the Supreme Court ruled some of President Trump's tariffs unconstitutional, the first wave of tariff refunds have begun flowing in.
The US Customs agency has processed $35.46 billion in refunds for tariffs deemed illegal, imposed by President Donald Trump last year.
Business owners may have to wade through paperwork, but the US government is now actually processing refundsWhen the supreme court struck down Donald Trump’s tariffs, many small importers assumed any refunds would be tied up in bureaucracy for years. Surprisingly, that’s not what’s happening.It’s estimated that roughly 330,000 importers paid more than $166bn in tariff fees imposed by Trump under the International Emergency Economic Powers Act (IEEPA). If your business was affected, here’s good news: you can get your tariffs refunded. You just need to be a little patient. Continue reading...
