Trump admin sent $20.6B in tariff refunds so far: Court filing
A court filing shows how businesses are getting money back from the U.S. government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal.
The Trump administration has sent out $20.6 billion in tariff refunds so far, according to a new court filing.
The filing sheds light on how tens of thousands of American businesses are starting to get money back from the federal government after the Supreme Court ruled many of President Donald Trump's tariffs were illegal in February.
Walmart suggested last week it will cut prices for shoppers using the estimated $2.4 billion in refunds it's owed.
"On tariffs, we are availing ourselves of the process to get refunds. We would definitely bias and try to prioritize price investment for that ... we think the single best return that we can have on a $1 of capital right now is to invest in the customer and invest in price," Walmart CFO John David Rainey said on the company's earnings call.
Major companies like Walmart, Costco, Apple, Home Depot and General Motors have all confirmed in recent weeks they're applying for refunds.
It's unlikely that most companies will give money directly back to shoppers who already bought products with higher prices because of tariffs. The nonpartisan Tax Foundation estimates the tariffs that were ruled illegal cost the typical American household $700 last year.
UPS, FedEx and DHL said they will directly refund customers. UPS recently updated its website with details on how importers can claim to get money back.
In total, U.S. Customs and Border Protection has said it could owe up to $166 billion to more than 330,000 importers. The new filing notes $85 billion in refunds have been accepted so far, and the $20.6 billion represents money that has successfully gone back to importers who filed for refunds on the government's online portal.
A U.S. trade official previously overstated the amount of money that had gone out to companies by $10 billion, the filing noted.
