(NewsNation) — The Trump administration has paid about $100 billion in tariff refunds since the U.S. Supreme Court struck down the president’s sweeping import taxes, but don’t expect a windfall as a consumer.
Those refunds could eventually reach as much as $166 billion and are going to the importers that paid the tariffs directly, even though shoppers shared the burden.
Companies like Apple, Nike and Walmart are now deciding whether to pass any of the refunds on to customers, offset costs or put the money toward other business priorities.
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NewsNation reviewed earnings calls and contacted major companies for additional details on how they plan to use the money. Most did not respond, and those that did largely referred to public statements.
Those statements suggest there is no standard playbook, and few companies have explicitly said the refunds will flow back to customers. Amazon, FedEx and UPS are among the exceptions.
It’s difficult to determine how much the now-illegal IEEPA tariffs ultimately cost consumers because some companies absorbed more of the cost, while others passed it on through higher prices.
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The Tax Foundation estimated President Donald Trump’s tariffs amounted to an average tax increase of about $1,000 per U.S. household in 2025, driven primarily by the IEEPA tariffs.
At one point, Trump even floated the idea of sending Americans a $2,000 tariff “dividend,” but that hasn’t happened.
What Amazon, Walmart and others are doing with tariff refunds
Amazon received about $600 million in tariff-related refunds in the second quarter, CFO Brian Olsavsky said on an earnings call last month. He said the company largely absorbed tariff-related costs rather than passing them on to customers.
In the “limited set of circumstances” where it passed specific import charges on to customers, the company plans to contact them and “automatically issue refunds,” Olsavsky said.
Beyond those refunds, Amazon plans to use the money to “invest in low prices” for customers.
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Walmart is also pursuing tariff refunds, which could total more than $2 billion — less than half of one percent of its annual U.S. sales.
On a May earnings call, CFO John David Rainey said the company’s priority is to “invest in the customer” and “invest in price.”
Walmart referred NewsNation to executives’ public comments and did not provide additional details when contacted by email.
Best Buy has said its goal is to use any recovered duties to “deliver value” back to customers. The company did not respond to an email seeking details.
Meanwhile, UPS and FedEx have both created online portals where customers can check whether they qualify for tariff refunds. Simply receiving a package through UPS or FedEx does not make someone eligible.
Apple, Nike have different plans
Apple has received an estimated $2.2 billion in refunds. On its latest earnings call, CEO Tim Cook reiterated plans to reinvest the money “into the U.S.,” echoing earlier comments that it would go toward domestic innovation and manufacturing.
Apple hiked prices on several popular products in June, though it attributed the increases to an AI-driven memory chip shortage rather than tariffs. The iPhone maker did not respond to a request for comment on its tariff refunds.
Nike expects to recover $986 million in IEEPA tariff refunds but has said little about how the money will be used. It also did not respond to an email seeking additional details.
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Last year, the shoe giant implemented what executives described as a “surgical” price increase in the U.S., and it’s now one of several companies facing consumer lawsuits from shoppers seeking refunds for higher prices they say were driven by tariffs.
Nintendo is also being sued over similar claims.
In a July court filing, the video game company’s lawyers argued that consumers aren’t entitled to refunds and were “free to abstain from purchasing the product or seek out competing products” if they disagreed with the price.
As of July 31, the federal government had received more than 250,000 tariff refund declarations through its Consolidated Administration and Processing of Entries system, according to court filings.
Trump’s IEEPA tariffs were only one piece of a broader tariff agenda that he says is aimed at negotiating better trade deals and bringing jobs back to America. Other levies, including those targeting steel and aluminum imports, remain in place.