Thousands of America’s favorite businesses are pursuing billions of dollars in tariff refunds from the Trump administration — and yet only a handful have said they will return money directly to customers.
The federal government opened a tariff refund portal this week following a February Supreme Court decision overturning much of the president’s signature trade policy. Everyday people can’t use it to apply for refunds, even though tariffs cost the average American household $1,000 in 2025.
Brands could, however, share the wealth with customers. In theory.
In the hours after the refund portal’s launch, Money contacted 19 companies to ask whether they plan to issue rebates or credits to consumers.
For now, the only big firms that have released statements confirming tariff refunds for customers are in the shipping and logistics industry: FedEx, UPS and DHL. Some customers paid duties on shipments for which those shippers acted as the importers of record. The three companies say that money will be given back when and if they receive it.
Most other brands are staying silent as the refund process unfolds, reinforcing the expectation that tariff refunds will largely stay in the hands of the companies that receive them.
There are a few exceptions: Costco CEO Ron Vachris said on a March 5 earnings call that the company will return tariff refund money through “lower prices and better values,” while Home Depot told us it will be “our customers’ advocate for value” during the process. Neither retailer is promising direct refunds; instead, they suggest future prices could be lower.
That’s unlikely to satisfy all of their customers, however, as multiple groups of peeople are already filing class-action lawsuits seeking direct compensation from various companies poised to receive refunds.
The Supreme Court struck down the Trump administration’s International Emergency Economic Powers Act (IEEPA) tariffs in February, and in March a trade court judge ordered U.S. Customs and Border Protection to create a tariff refund system. Right now, in “Phase 1” of the refund portal, only certain tariff entries that are unliquidated or recently liquidated can be processed. (“Liquidation” is the final calculation of the duties owed on an import.)
The Trump administration has been given until June 7 to appeal the judge’s order for tariff refunds. Based on the government’s stated timeline, the earliest that tariffs could be refunded is June or July, which means there is enough time for the administration to appeal before any payments go out.
On Tuesday, President Donald Trump bemoaned in a CNBC interview that the Supreme Court opened the door for tariff refunds with its ruling. Trump said the court could have at least said in its decision that the government can keep already-collected tariff dollars.
“Because of what they did, we have to pay back $160 billion. All they had to do is add one sentence, just one sentence, and that is: ‘You don’t have to pay anything taken in thus far back,'” Trump said. “And we’re giving a lot of that money back to people that hate our country, so I’m not happy with the Supreme Court, I’ll be honest with you.”
As companies seek billions of dollars in tariff refunds, here’s what they’re saying (if anything) about plans to share that money with customers:
Adidas
The German sporting apparel brand raised prices last year due to tariffs. The price of the popular Samba shoes jumped from $90 to $100, for example.
Adidas has not indicated any plans to share tariff refunds with customers who paid higher prices. The company did not respond to Money’s request for comment.
Amazon
Unlike several other retailers that sued the Trump administration for tariffs, Amazon did not.
And now it’s unclear if the company is pursuing tariff refunds at all. Amazon did not respond to Money’s request for comment.
On Tuesday, CNBC’s Andrew Ross Sorkin asked Trump for his reaction to reports that Amazon and Apple may be hesitant to pursue refunds “because there is a worry about, frankly, offending you.”
Trump’s response? “I think it’s brilliant if they don’t do that,” he said. “Actually, if they don’t do that, they got to know me very well. I’m very honored by what you just said. If they don’t do that, I’ll remember them.”
Apple
Apple has spent over $3 billion on tariffs since the president’s policies were implemented. The tech company has not indicated a plan to seek tariff refunds and did not respond to Money’s request for comment.
Analysts believe tariffs contributed to higher prices for Apple devices such as the iPhone 17 Pro, but the company has carefully avoided citing tariffs for the increase in public comments.
Best Buy
Best Buy CEO Corie Barry said on a March 3 earnings call that the “Supreme Court ruling led to a lower effective tariff rate for our products.”
That’s good news for Best Buy, but will anything be refunded to shoppers? The company hasn’t said — and did not respond to Money’s request for comment.
Costco
Vachris, the company’s CEO, said the warehouse club will pass along tariff refunds through its pricing.
“It is not yet clear what the process will be, what refunds, if any, will be received, and when this will happen,” Vachris said on a March earnings call. “As we have done in the past, when legal challenges have recovered charges passed on in some form to our members, our commitment will be to find the best way to return this value to our members through lower prices and better values. We will be transparent in how we plan to do this if and when we receive any refunds.”
Costco, which is one of several large retailers facing a consumer class-action lawsuit demanding compensation now that tariffs could be refunded, did not respond to Money’s request for comment.
Dell
Dell has not said anything to suggest it will share tariff refunds with customers. The company did not respond to Money’s request for comment.
DHL
Pamela Rai, a spokesperson for the logistics and shipping company, said in an emailed statement that DHL Express “supports customers by following CBP‑established procedures for eligible claims and refunds.”
Rai added: “For shipments where DHL Express acted as Importer of Record (IOR), DHL Express will automatically file refund claims for eligible Phase 1 entries in accordance with CBP guidance and, once refunds are issued by CBP, will return those funds to the party that originally paid the duties. For shipments where customers served as IOR and DHL provided customs brokerage services only, refund claims must be initiated by the customer directly through CBP’s processes or through an authorized representative.”
FedEx
FedEx said it will refund tariff payments in cases where it acted as the customs broker.
According to an FAQ, the company “will issue refunds for IEEPA tariffs paid to shippers and consumers who originally bore those charges once FedEx begins receiving refunds from CBP.” FedEx was sued in February by consumers demanding refunds in a class-action lawsuit.
Gap
Trump’s tariffs impacted apparel companies that source from countries such as Vietnam and China. Gap suffered from higher IEEPA tariffs but executives say the company took strong “mitigation” strategies.
Earlier this month, Citi analysts released a report highlighting estimated tariff refunds for dozens of major companies. The figures were based on comments from management teams and Citi’s own data-based assessments. The Citi report estimates $400 million in potential tariff refunds for Gap.
Gap did not respond to Money’s request for comment.
Home Depot
Home Depot’s potential tariff refunds are estimated at $540 million, according to Citi. The home improvement chain said it’s too soon to say what the company will do with any refunds.
“What I can share is the process is still fluid, and we are monitoring continued changes to tariffs. We take a portfolio approach and work closely with our suppliers to be our customers’ advocate for value,” spokesperson Sarah McDonald said in an email.
IKEA
The Swedish furniture giant warned of price increases last year, citing tariffs. Now the company — but not customers — could be entitled to major tariff refunds. IKEA did not respond to Money’s request for comment.
Levi Strauss
Levi Strauss reportedly expects about $80 million in tariff refunds. Levi’s did not respond to Money’s request for comment about what it may do with the money.
Lowe’s
In February, a few days after the SCOTUS ruling, Lowe’s CEO Marvin Ellison noted to Yahoo Finance that the administration would likely intervene in court, potentially delaying or blocking refunds before they go out.
“What I will tell you is that when I talk to my legal team, there are quite a few maneuvers that the administration can take to prevent a refund from being a reality in the near-term, and so we’re not sitting back factoring in that we’re going to receive a refund,” he said.
Lowe’s did not respond to Money’s request for comment.
Macy’s
Tariff refunds for Macy’s are estimated at $320 million, according to Citi. Macy’s did not respond to Money’s request for comment and has not shared any public comment about tariff refunds.
Nike
Before the Supreme Court struck down IEEPA tariffs, Nike executives had warned that the company was facing a tariff hit of over $1 billion on an annual basis. Previously, the company said it was implementing “surgical” price increases amid tariffs.
The footwear and apparel brand did not respond to Money’s request for comment about refunds for customers.
Procter & Gamble (P&G)
Procter & Gamble was facing hundreds of millions of dollars in tariff impact prior to the Supreme Court’s decision. It hasn’t indicated plans to share refunds with consumers. P&G did not respond to Money’s request for comment.
Target
Target’s tariff refunds could total over $2 billion, according to Citi. Target did not respond to Money’s request for comment asking if any of that money would go back to customers in the form of rebates, credits or gift cards.
UPS
Like DHL and FedEx, UPS released a statement committing to helping customers secure refunds for certain shipments when the company was the importer of record.
“We will work to request and retrieve IEEPA tariff refunds from CBP on our customers’ behalf. There is no need for those customers to contact UPS. After we receive the funds from CBP, we have established a process to issue refunds to the payors,” the statement read.
Walmart
The retailer could be due over $10 billion in tariff refunds, according to Citi. Walmart executives have said in public statements that the company has absorbed many tariff costs shielding customers from price impact, especially on groceries. However, in February, chief financial officer John David Rainey acknowledged on an earnings call that “tariff-related costs lifted prices across many categories.”
Walmart did not respond to Money’s request for comment about refunds or credits for shoppers.
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