Trump administration refunds $100B in tariffs to major corporations, but don’t expect cheaper prices

The US government has handed back roughly $100 billion to major corporations after the Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act were illegal. That is a staggering sum, equivalent to about $300 for every person in America, flowing back into corporate coffers. The catch: almost none of it is expected to reach consumers in the form of lower prices. Where the money went The refunds stem from the Supreme Court’s 6-3 ruling in February 2026, which found that IEEPA did not actually authorize the sweeping “liberation day” tariffs imposed in 2025. Those tariffs generated an estimated $166 billion in total duties before the court shut them down. The $100 billion disbursed so far, plus interest, represents roughly 60% of that haul, with additional claims still working through the pipeline. The biggest checks went to the biggest importers. Apple collected approximately $2.2 billion. Walmart is reportedly owed around $2.4 billion. Amazon received about $600 million. General Motors got $500 million, and Nike picked up $300 million. Refund processing opened around May 2026, about three months after the Supreme Court’s decision. Why prices ...