Companies Seek Tariff Refunds After Presidential Statement

Major U.S. retailers have applied for tariff refunds even after President Trump said he would remember companies that did not seek them. Walmart confirmed it has sought a refund and plans to use any money received to invest in lower prices for shoppers.

The government owes roughly $166 billion in refunds overall. More than $35 billion in refund money has already been processed and is on its way to businesses' bank accounts, according to a court filing by U.S. Customs and Border Protection earlier this month.

Walmart finance chief John David Rainey said the company applied for refunds related to IEEPA tariffs. He noted that the amount represents about half of 1% of the company's U.S. sales, or roughly $2.42 billion based on fiscal year 2026 figures. Target CFO Jim Lee said the company is working through the process of getting a refund.

Home Depot finance chief Richard McPhail said the retailer had applied for and received an immaterial amount to date.

Trump made the comments during an appearance on CNBC's Squawk Box last month. He responded to a question about companies that had held off on applying for refunds. Some companies have said they plan to use any refund money to avoid raising prices as quickly as they had expected.

Neil Bradley, chief policy officer with the U.S. Chamber of Commerce, said this has been the most common use reported by companies.