U.S. importers have now recouped about $71B of the roughly $166B in tariff refunds owed after the Supreme Court struck down Trump’s IEEPA tariffs in February, though many are steering the money into fresh inflation rather than lower prices, according to Fortune. PepsiCo and spice maker McCormick both told investors on recent earnings calls that they will put the bulk of their refunds toward commodity and energy costs that Trump’s renewed strikes on Iran have driven higher, with McCormick’s share of the rebates coming to $31M. Some retailers are still passing the savings through, with BJ’s Wholesale Club telling investors the refunds would shave half a percent off its store prices, though analysts expect most importers to funnel the windfall into gentler price increases before the midterms instead of handing shoppers a direct discount.
