Sep. 9 at 2:29 AM
U.S. retailers and manufacturers are receiving billions in tariff refunds tied to President Donald Trump’s import duties, but the stock-market benefit has been limited compared with the losses many companies suffered after the tariffs were announced in 2025.
About
$100 billion had been sent to the U.S. Treasury for distribution after the Supreme Court ruled certain tariffs illegal. Around 88 companies have discussed refunds, with Bloomberg Intelligence estimating at least
$15 billion in proceeds. Major beneficiaries include Target, Walmart, Nike, Starbucks, Caterpillar and Applied Optoelectronics.
Investors largely view the refunds as a one-time boost rather than sustainable earnings growth. Best Buy, for example, received a
$34 million refund that helped improve its outlook, but investors questioned how long the benefit would last. Companies may use the cash for dividends, buybacks or capital spending, including AI investments.
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