Amazon, Walmart Among 6 Companies Returning Tariff Savings — How It Impacts Your Budget
After increased tariffs were announced in February 2025, importers had to find a way to cover those costs. Often, that meant higher prices for consumers.
Fast-forward one year, with the Supreme Court’s February 2026 decision in Learning Resources, Inc. v. Trump and Trump v. V.O.S. Selections, Inc. that invalidated the tariffs under the International Emergency Economic Powers Act (IEEPA), and many of these companies are entitled to a portion of the billions of dollars in tariff refunds that the government was required to pay back to the companies.
According to Consumer Affairs’ reading of government court filings, government refunds are expected to be around $166 billion with $100 billion already returned as of August 2026.
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But what are those companies doing with their refunds? Lucky for consumers, some companies like FedEx and UPS are issuing direct refunds. Others, including Walmart and e.lf., are lowering product prices. For juggernauts like Amazon, the refund process isn’t as clear, but you’ll still likely see some much welcome price reductions. Get more details below.
1. FedEx
Because the U.S. Customs and Border Patrol (CBP) is accepting refund declarations and issuing payments, FedEx is collecting information about shipments to get the refund process started. If you paid any fees to FedEx to cover the tariffs on your packages, go to the International Emergency Economic Powers Act (IEEPA) tariff refund portal to enter the information from your invoice. It will ask for the tracking number and the total, as well as your name and bank information.
2. UPS
UPS is also issuing tariff refunds from Customs and Border Protection (CBP), and you can use its IEEPA tariff refund lookup tool to see if your shipments are eligible using the tracking number or ship to address. You can look the shipments up one-by-one, but UPS recommends logging in if you have a large number of shipments so you can look at all of them at the same time.
3. Walmart
On Walmart’s Q2 earnings release call, the company shared it was eligible for around $2.9 billion in refunds and, to date, “have received substantially all of these tariff refunds.” Their guidance for the third quarter included “prioritization of tariff refunds into price investment” to provide an immediate value to customers.
Walmart is using these refunds to lower prices across the store, and in July announced that many summer favorites such as beef and grilling essentials would be more affordable for their customers.
4. e.l.f
The Wall Street Journal reported that e.l.f. raised prices across its portfolio by $1 last year as a way to offset the tariff’s impacts. With the refunds, however, the company was able to lower prices to directly benefit its customers.
In WSJ’s reporting, chief financial officer Mandy Fields said e.l.f reduced the price of its Halo Glow Skin Tint by $4, which actually increased unit sales by almost 40%. The company continued this trend with $1 price reductions across many of their items.
5. Amazon
Amazon’s model is different from traditional retailers in that more than 60% of goods are sold by third-party seller accounts. Many of those sellers paid the tariffs and then passed some of the cost to their buyers. As a result, Amazon was issued what finance chief Brian Olsavski called “limited refunds,” according to CNBC's reporting of the company’s earnings call.
While the company is able to trace certain charges to specific customers and will contact those customers to issue refunds, Olsavsky said, “Otherwise, like other large retailers, we’ll utilize refunds to continue to invest in low prices for customers.”
6. Burlington
Burlington reportedly received $55 million in tariff refunds, according to The Wall Street Journal, that it will invest back into the business with the goal of making its deals even better and easing pressure on households affected by the rising cost of living.
Editor’s note on political coverage: MoneyLion is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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