Overview
- The Supreme Court struck down tariffs imposed under the International Emergency Economic Powers Act on February 20, 2026, and ordered the government to repay roughly $166 billion to importers of record.
- U.S. Customs and Border Protection has accepted about $128.7 billion for processing and had certified roughly $100 billion to Treasury for payout by late July, with Treasury disbursements continuing and interest accruing on outstanding amounts.
- Major retailers have publicly reported receiving billions in refunds — including Walmart ($2.9 billion), Target (about $994 million), Home Depot ($730 million), TJX ($331 million) and Lowe’s ($80 million) — and have used the funds to boost earnings, cut some prices, or pay employee incentives.
- Analyses from the CBO, Federal Reserve banks and tax policy groups show consumers bore the vast majority of the tariff costs while refund flows have at times outpaced new collections, producing months of negative net customs revenue.
- Operational limits in CBP’s refund portal, rejected claims from liquidation windows, and replacement tariffs under other statutes have left many small importers and consumers without restitution and spawned further litigation and policy disputes.