Top U.S. retailers reported receiving more than $5 billion in federal tariff refunds in earnings reports released this week, as the Trump administration unwinds its signature tariff policy and returns collected revenue. Studies indicate that consumers and U.S. firms bore most of the original costs through higher prices, yet retailers are generally retaining the refunds or using them to offset expenses and fund operations. Walmart said it would direct much of its refund toward lower prices, while Amazon, Best Buy and Costco have indicated that at least part of their recoveries could benefit customers. Home Depot and Lowe’s plan to offset rising costs, and TJX said it would spend $112 million on employee compensation and bonuses. Macy’s, Dollar General, Dollar Tree, Kohl’s and Dick’s Sporting Goods had yet to report their latest earnings, while Costco was only beginning to file refund requests in May. The New York Federal Reserve has estimated that about 90% of the tariffs’ economic burden fell on firms and consumers, while the Yale Budget Lab estimates the broader tariff policy is adding about $1,100 a year to household costs as of August. The refunds have prompted criticism from Democratic lawmakers, including Sen. Elizabeth Warren, D-Mass., while Treasury Secretary Scott Bessent said the money had belonged to the American people while it was held by the U.S. Treasury.