Consumers Look to Congress for Relief as Companies Cash Tariff Refund Checks

07:47 AM EDT, 08/28/2026 (MT Newswires) -- The majority of US companies holding $100 billion in potential tariff refunds haven't pledged to return the money to consumers, concerning advocates who say corporations have a "moral obligation" to return the funds to people who paid elevated prices for products they purchased. Companies including FedEx (FDX), Amazon (AMZN), Nike (NKE), Walmart (WMT), Target (TGT) and Apple (AAPL) have reported billions of dollars in collective tariff recoveries, temporarily boosting their earnings and cash flow. MT Newswires' review of earnings documents and conference calls found that the biggest reported refunds included Walmart, at nearly $2.9 billion; Target and Nike, at a little less than $1 billion each; FedEx, at $800 million; and Amazon, at $600 million. Apple hasn't disclosed the dollar amount for the windfall, but quantified the margin boost in its earnings release. The Wall Street Journal put Apple's tariff refund-related gain at nearly $2.2 billion. Tool manufacturer Stanley Black & Decker (SWK) booked a $118 million benefit. FedEx, Amazon and Costco Wholesale (COST) plan to return amounts to eligible customers, as per comments on their most recent earnings calls. But most businesses either have different plans for the additional money or have been mum on how to use tariff refunds. That doesn't satisfy some consumer advocacy groups that say regulatory or congressional intervention may be needed to make certain that money is passed through to hard-hit consumers. Companies have "a moral obligation" to return the money to consumers, ideally in the form of direct repayments, a spokesperson for the Consumer Federation of America said in remarks emailed to MT Newswires. While rebates and discounts are also viable options, those programs could be used as a tactic to charge consumers more on other products, Emily Peterson-Cassin, director of competition and market fairness at the advocacy group, said. Retail giants Walmart and Target plan to keep prices low generally, while Apple and Stanley Black & Decker intend to channel the additional cash back into the business, their executives told analysts on the earnings calls. Plumbing and home-improvement product maker Masco (MAS), which booked a $95 million net tariff refund, said it aims to use the money for share repurchases or acquisitions. Nike hasn't publicly stated its plans for the windfall. "A profit-maximizing entity like a corporation will do what they think serves them best. And that could include keeping prices higher because we've gotten used to higher prices," Peterson-Cassin said. "That's why we need regulatory intervention to ensure the money ends up in the hands of consumers where it belongs." Nonprofit group Public Citizen called on Congress to scrutinize the tariff refund processes "to prevent mismanagement and abuse," according to its statement to the House Ways and Means Committee in May. And the concern over a lack of a framework that guides the use of these refunds isn't limited to lobby groups. Wall Street giant Goldman Sachs said companies are using tariff refunds for a wide range of initiatives, including boosting marketing budgets and expanding share buyback programs. "Companies are treating (more than $100 billion) in tariff refunds issued so far as a one-time windfall and using them to increase marketing budgets, offset ongoing cost headwinds, lower consumer prices, increase buybacks, and, in a few cases, issue refunds to customers," Goldman Sachs said in a weekly update on Aug. 17. US Customs and Border Protection has so far returned about $100 billion in tariff revenue to the Treasury Department for onward disbursement, according to a recent filing with the Court of International Trade. That followed the Supreme Court's February decision to strike down the Trump administration's tariffs implemented under the International Emergency Economic Powers Act. Earlier this year, the National Retail Federation said not every retailer lifted prices as a result of tariffs, suggesting consumers might not see broad-based price reductions. "Many retailers absorbed the increased costs, adjusted their product mix or took other steps rather than increase prices," the National Retail Federation said at the end of April. "Their response to tariff refunds will be similar. Retailers will have a range of options to offset tariff-related costs and reinvest where it matters most: the business, their workforce and consumers." Rep. Rosa DeLauro (D-Conn.) introduced the Tariff Relief for Consumers Act in March to ensure that companies pass down tariff refunds to shoppers. Consumer Federation of America is one of the endorsers of the bill, which hasn't passed the House yet. "I hope Congress steps in and sets some guardrails for consumers here, but unfortunately I don't think Congress has enough will around this issue to take bold steps yet," Peterson-Cassin of Consumer Federation of America said. "I do think that putting money back in the hands of consumers during an affordability crisis should be among their top priorities, so perhaps they will prove me wrong!" When reached out for comment, Walmart and Amazon pointed MT Newswires to comments made on their most recent earnings calls. FedEx said it has started processing refunds to customers. Other companies mentioned in the article didn't respond to MT Newswires.