Warren Presses Seven Companies to Refund Tariff Money to Consumers

US Senator Elizabeth Warren is pushing seven major companies to refund tariff money to consumers. The Supreme Court struck down President Donald Trump's tariffs in February, but refunds were only given to importers who paid the duties, not customers who absorbed the costs through higher prices.

Warren sent letters to Target, Apple, Amazon, Nike, Motorola Solutions, Walmart, and Energizer asking them to pass along tariff refunds they've received or expect from the government. She cited reported or expected refunds of up to $10.2 billion for Walmart, $2.2 billion each for Apple and Target, $600 million for Amazon, and about $50 million for Energizer.

Warren's letters also requested details on how much each company raised prices during the tariffs. Few companies have committed to passing refunds on to consumers. Amazon's CFO said it would issue direct refunds only in a 'limited set of circumstances' where it can trace tariff costs to specific customers, while Walmart's finance chief said any refund would go to earnings.

Warren argued that American consumers have received nothing from the tariffs, citing a congressional estimate that they absorbed about 95% of the tariffs' cost. A February report from the Federal Reserve Bank of New York found that US firms and consumers 'bear the bulk of the economic burden' of the tariffs.