US companies receive billions in Trump tariff refunds

The U.S. Supreme Court ruled in February that President Trump’s tariffs imposed under the International Emergency Economic Powers Act were illegal. Following the decision, the Treasury and Customs and Border Protection launched a multi‑phase refund program for the estimated $166 billion collected from importers. Phase 1 began in April, Phase 2 started on June 29, and Phase 3 is slated for late July, together targeting roughly 330,000 eligible companies.

By the end of June, the government accelerated payouts, sending about $40 billion to company accounts. More than $23 billion had already been disbursed, and an additional $17 billion was transferred in the last three weeks. Recipients include major retailers such as Costco, Walmart and Target, manufacturers like Ford and General Motors, logistics firms FedEx and UPS, and smaller firms such as Basic Fun, which received a $6.5 million refund covering 95 % of its claim. Some firms plan to pass the refunds on to customers through price cuts.

Analysts note that while the refunds provide a one‑time cash boost, they are unlikely to materially shift earnings trends, as most companies treated the tariffs as a sunk cost.