Major U.S. retailers reported receiving more than $5 billion in federal tariff refunds after the Supreme Court invalidated President Donald Trump’s broad tariffs imposed under the International Emergency Economic Powers Act. Walmart, disclosing the largest company refund at $2.9 billion, said it has received substantially all of the money and is directing it toward customer experience and price leadership, delivering more than 11,000 temporary rollbacks in the second quarter, up from 7,200 in the first, with emphasis on grocery and general merchandise including ground beef and potato chips. CEO John Furner said the retailer is investing heavily in price to meet customer needs and drive market-share gains; Trump said recent rollbacks came at his administration’s request, though Walmart’s release did not mention the president. Comparable U.S. sales growth slowed to its weakest pace since early 2020 even as revenue and profit topped estimates, aided by the one-time refund, and shares fell roughly 10%. Amazon, Best Buy and Costco indicated some customer benefit from refunds, while Home Depot and Lowe’s plan to offset rising costs and TJX earmarked $112 million for employee pay. Research from the New York Fed, Yale Budget Lab and others finds firms and consumers bore most of the original tariff burden, fueling lawsuits and political debate over who should receive the money.