IP Law Daily, VITAL BRIEFING—Top retailers say tariff refunds coming in, mum about amounts, (May 26, 2026)
While Walmart, the country’s largest retailer, did not report any income in the first quarter from tariff refunds, recent guidance issued by the company further indicated no financial impact from IEEPA tariff refunds.
In this edition of Tariff Insights, Thomas Thompson further explores some of the fallout stemming from the Supreme Court’s decision in February to invalidate Trump administration tariffs under the International Emergency Economic Powers Act (IEEPA). In particular, Thompson examines how companies are grappling with tariff refunds, their impact on financial performance, potential customer redress, and he spotlights recent significant litigation instituted around these issues.
Some of the matters Thompson discusses in this piece include:
How Home Depot, one of the largest tariff payers, has not reported top-line benefits from tariff refunds but has indicated these monies could provide a significant offset to recent fuel cost increases stemming from the Mideast conflict.
Reports from Ford and General Motors note their refunds will total $1.8 billion between them, with a resulting positive impact on first-quarter results and improved full-year outlooks.
A class-action lawsuit brought against Costco, the third-largest retailer in the U.S., where it is claimed that the company retained windfall profits generated by the unlawful tariffs, and where tens of millions of customers were victimized as a result of the company unjustly benefiting from the illegal tariff refund scheme.
To read the article, click Top retailers say tariff refunds coming in, mum about amounts.
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