- U.S. firms received a big windfall — about $49.2B in June and roughly $71B total (more than 60% of the $166B tied to the Supreme Court’s IEEPA ruling) — but it arrived as new inflation risks emerged.
- Most companies are using the refunds to offset higher commodity, energy and shipping costs driven by Middle East tensions and lingering tariffs, so consumers may not see big immediate price cuts.
- A few retailers (like BJ’s) are passing modest savings to shoppers, but many firms are instead shoring up supply chains and balance sheets against further geopolitical or tariff uncertainty.
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