How Companies Like Walmart And Target Could Get Back Billions In Tariffs Refunds

Added: 2026-05-06

[00:00:00]Tariff refunds are potentially coming to retailers. Starting April 20th, businesses can file claims to recover money from tariffs imposed under the International Emergency Economic Powers Act.

[00:00:10]That follows a Supreme Court ruling that found that the White House's use of emergency tariff powers was unconstitutional back in February, potentially putting more than $160 billion on the table for U.S. importers.

[00:00:23]Companies like Walmart, Target and Nike are each due billions of dollars, and others like Gap and Macy's, hundreds of millions.

[00:00:31]However, stock analysts are not building these refunds into their outlooks for the major retailers because there are too many questions surrounding the refund system as it now stands.

[00:00:40]We don't know if companies will choose to claim them, or what they will choose to do with that cash once they get it back. One analyst notes said that cash would be considered for a variety of business needs, like share repurchases, debt payments, or just increasing the cash cushion on their balance sheets. However, attorneys have told me that this could leave the companies potentially open to lawsuits. Customers, both businesses and consumers could have a legitimate claim to a portion of those refunds.

[00:01:06]Right now, the companies basically get to keep all the extra money they've charged in the form of pass-through price increases while getting a refund on top of that. The White House, Treasury Department and U.S.

[00:01:16]Trade Representative did not immediately respond to my questions about whether an additional appeal was in the works. Critics say this is a bipartisan issue, and consumers and small businesses will end up being hurt the most. But there is a lot of skepticism overshadowing the whole refund system.

[00:01:31]Lawyers have told me that importers are worried that the government is going to make it difficult to get their money back at all.