Tariffs Raised Consumers' Prices, but the Refunds Go Only to Businesses

https://www.nytimes.com/2026/04/24/us/politics/companies-consumers-tariff-refunds.html

https://archive.ph/8Cmhp

Tariffs Raised Consumers’ Prices, but the Refunds Go Only to Businesses
Many families felt the sting of the president’s now-illegal tariffs, but companies have said little about whether they will share the $166 billion coming back to them.
By Tony Romm
April 24, 2026

You probably won’t receive a huge tariff refund.

The beneficiaries may include retail giants, such as Costco, Gap, Home Depot, Kohl’s, Lowe’s, Target and Walmart. For some, analysts estimate that the refunds may total into the billions of dollars apiece, leaving them with a choice of whether to keep the money or share it with consumers, even if indirectly in the form of future discounts.

But almost none of those U.S. retailers commented by Thursday on their exact plans. Only Costco promised previously to pass savings on to customers, without explaining how, as the buy-in-bulk company faces one of a series of class-action lawsuits from furious Americans who believe they are owed refunds.

Heather Boushey, who served on the White House Council of Economic Advisers under President Joseph R. Biden Jr., described the refund process as a “windfall for businesses,” some of which foisted the tariffs on consumers.

“American families,” she added, “are certainly the losers.”

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