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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →The Supreme Court has already ruled that the International Emergency Economic Powers Act (IEEPA) did not authorize the tariffs at issue. Target and Walmart have since reported receiving tariff refunds, but those company filings do not establish that shoppers will receive payments or see lower prices. The amount and timing of further refunds remain subject to legal and administrative developments.
What did the Supreme Court decide?
On February 20, 2026, the Supreme Court held that IEEPA does not give the President authority to impose tariffs. The opinion opened: “We decide whether the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs.” The Court answered that question in Learning Resources, Inc. v. Trump: it does not.
The ruling invalidated the IEEPA measures before the Court, including tariffs on Canada, Mexico, China, and most other imports imposed under the trade-deficit emergency, as summarized by the Congressional Research Service. It did not invalidate every U.S. tariff or rule on tariffs imposed under other legal authorities.
What refunds have Target and Walmart reported?
The companies’ filings report different measures: Target disclosed a refund amount recognized as a cost-of-sales reduction, while Walmart reported refunds received. Those figures should not be treated as a directly comparable ranking of total benefits.
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| Company | Company-reported figure | What the filing says |
|---|---|---|
| Target | $994 million | Target Corporation said it received refunds of certain IEEPA tariffs in the second quarter of 2026 and recognized $994 million as a reduction of cost of sales. Its Form 10-Q covers the quarter ended August 1, 2026. |
| Walmart | Approximately $2.9 billion | Walmart Inc. said it received approximately $2.9 billion in tariff refunds during the quarter ended July 31, 2026, primarily in Walmart U.S. It recorded the amount as a reduction to cost of sales and said it represented substantially all refunds requested by the company. The filing was dated August 28, 2026. |
A September 2026 press release from the Office of Senator Elizabeth Warren separately estimated that Walmart could receive up to $10.2 billion and Target could be eligible for up to $2.2 billion. Those are outside estimates, not amounts the companies reported receiving or confirmed final entitlements. They should not be added to the filing figures as though they were paid refunds.
Why are refunds still being litigated?
The Supreme Court decided whether IEEPA authorized the tariffs; it did not settle the full process, scope, timing, or final amount of importer refunds. The Court of International Trade later ordered refunds to affected importers. On August 11, 2026, the Associated Press reported that the government was appealing that order, which would require refunds to all companies that paid the invalidated tariffs, including companies that had not sued. That report describes the appeal’s status on that date, not its final outcome.
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Target said it continued to pursue additional refund claims and could not estimate the ultimate financial effects of potential additional refunds because the process, timing, amounts, and legal and regulatory developments remained uncertain. Walmart’s filing, by contrast, said the amount it received represented substantially all refunds it had requested. Neither statement settles how the broader dispute will end.
Will shoppers get money or lower prices?
The customs refunds go to importers that paid the tariffs; they are not automatically payments to consumers. Target and Walmart’s filings describe refunds and their accounting treatment, but do not establish that shoppers will receive matching checks, credits, or price cuts. A retailer could make its own pricing decisions, but the reported refunds alone are not evidence of what it will do.
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Recording a refund as a reduction of cost of sales also does not mean a customer’s earlier purchase price is being recalculated. It is the companies’ accounting treatment of the refunds, not a promise of a consumer rebate.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Does the ruling make Samsung a major winner?
The available company-specific reporting does not verify that Samsung received, qualified for, or was among the largest beneficiaries of IEEPA tariff refunds. “Samsung” can also refer to more than one corporate entity, so a company-specific claim requires identifying the relevant entity and establishing its importer status and refund disclosures. Without that support, it would be misleading to group Samsung with Target and Walmart as a confirmed winner.
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How to read claims about corporate “winners”
- Check whether the figure is a receipt, an accounting entry, or an estimate. Target’s $994 million is a cost-of-sales reduction tied to refunds received; Walmart reported approximately $2.9 billion in refunds received. The senator’s office figures are outside estimates.
- Check what period and company the figure covers. Target’s filing covers the quarter ended August 1, 2026; Walmart’s covers the quarter ended July 31, 2026, and says refunds were primarily in Walmart U.S.
- Do not infer consumer effects from corporate refunds. The filings document company refunds and accounting, not consumer payments or lower shelf prices.
- Do not treat the legal dispute as complete. The August 11, 2026 report described a government appeal of the trade court’s broad refund order; it was not a final ruling on that appeal.
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