U.S. tariff refunds have surpassed $100 billion since May, erasing customs revenue collected over the same period, while publicly listed German companies disclosed more than €790 million and major U.S. companies received billions. Walmart received $2.9 billion, Apple an estimated $2.2 billion, Ford $1.3 billion, Target $994 million, Home Depot $730 million, Nike $684 million and Amazon $640 million. DHL received €416 million and said it would pass the money to customers because it had initially transferred the tariffs to them; Siemens Healthineers received about €200 million, Puma about €49 million, Sartorius €26 million, Dräger about €22 million, SMA Solar €22.3 million, Zeiss Medical €20.8 million, Knorr-Bremse €20 million and Rational €14 million. Further payments may follow, including Adidas’ expected $250 million to $300 million and Merck’s anticipated high double-digit million-euro repayment. The refunds follow the Supreme Court’s February 2026 ruling that tariffs imposed under the International Emergency Economic Powers Act, or IEEPA, exceeded presidential authority. U.S. Customs and Border Protection said $100 billion of the $168 billion collected from 330,000 importers had been distributed by July 31. Shipping companies including FedEx and UPS are generally passing rebates to customers, while analysts estimate only 15% to 20% of tariff-related costs will return to households through refunds or lower prices. Walmart’s sales growth excluding fuel slowed to 2.6% this quarter from 4.6% a year earlier, the lowest since February–April 2020, as gasoline prices exceeded $4 per gallon. Kyle Picone, president of Picone Tariff Consulting, estimated U.S. households paid an average of $1,700 in additional tariff costs last year and this year, with only 15–20% expected to return through refunds or price cuts. Small businesses such as Busy Baby in Minnesota absorbed tariff losses after receiving a $50,000 refund.