U.S. companies are receiving or recording billions of dollars in tariff refunds after the Supreme Court ruled that the International Emergency Economic Powers Act did not authorize the president to impose the duties. The Trump administration said it had certified $100 billion in refunds, including interest, as of July 31, from $166 billion collected. Amazon received approximately $640 million in the second quarter of 2026 and may reimburse only a limited group of affected customers, while Target received $994 million and plans to use the money to support lower prices rather than issue customer refunds. FedEx said roughly $800 million in refunds was being held for customer reimbursements, and UPS has also begun returning money. Nike, automakers and other companies have reported large benefits or receivables, but disclosures vary on whether cash has been received. Apple said refunds lifted its fiscal-third-quarter gross margin by about two percentage points and added 11 cents to diluted earnings per share, while Walmart said it would use any refunds to lower prices and exclude them from guidance.