Businesses Have Banked Billions in Tariff Refunds. Consumers Are Still Waiting for Theirs.

The Supreme Court ordered over $160 billion in tariff refunds after ruling many Trump-era duties illegal, but federal law sends the money to importers, not shoppers.

By THRYV Reviews Desk·Published September 22, 2026·Updated September 22, 2026·4 min read

Businesses Have Banked Billions in Tariff Refunds. Consumers Are Still Waiting for Theirs.

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The takeaway

The Supreme Court's February 2026 ruling striking down many IEEPA tariffs triggered more than $160 billion in refunds to importers like Home Depot and Walmart. Federal law pays refunds only to companies that filed the tariffs, not consumers who absorbed the cost in higher prices, and most retailers plan to use the money for operations, not rebates.

After the Supreme Court ruled in February 2026 that many of the Trump administration's IEEPA-based tariffs were illegal, more than $160 billion in refunds started flowing — but almost entirely to the businesses that paid the tariffs, not the shoppers who covered the cost through higher prices.

Who's Actually Getting Paid

Home Depot collected $730 million in tariff refunds last quarter alone
Walmart is eligible for roughly $2.9 billion
UPS, FedEx and DHL have committed to passing refunds back to customers they billed directly for tariff fees
Costco and Nintendo are facing class-action lawsuits from shoppers seeking a cut of their refunds

Why Your Receipt Won't Show It

Federal law directs tariff refunds to the importer of record — the business that paid the fee at the border — not to end customers. Most retailers folded tariff costs into their overall pricing without itemizing them, which means there's no line item to calculate an individual shopper's share of a refund even if a company wanted to issue one.

It's all just a giant transfer from consumers to corporations.

Michael Ettlinger, senior fellow, Institute on Taxation and Economic Policy

The One Exception

Shoppers who paid a carrier directly for tariff charges have a clearer path to a refund. Sandra Alonso paid an extra $3,500 on a wheelchair because of a 145% tariff on Chinese goods, itemized and billed to her by UPS — and she is getting that specific charge refunded, because UPS can show exactly what she paid.

What retailers say they'll do with the money

Most companies receiving refunds have indicated the funds will go toward operational costs or gradual, marketwide price adjustments over time — not direct rebates to past customers.

Sources

This article is original writing by THRYV. We link to primary reporting and official documents rather than reproducing them.

Businesses are getting tariff refunds. Why aren't consumers getting their cut? — NPR

Why you can trust this article

Written and edited in-house by the THRYV Reviews Desk. We do not republish or reword agency copy, and we do not invent quotes, statistics, testimonials or ratings. Where figures move frequently, we point you to the primary release rather than printing a number that will be out of date. Advertising and affiliate partnerships have no influence on our reporting — see our editorial standards, fact-checking policy and affiliate disclosure. Spotted an error? Write to newsroom@thryv-news.com.

General information only. Not personalised financial, medical or legal advice.

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