Walmart chief financial officer John David Rainey confirmed on Thursday, May 21, 2026, that the world’s largest retailer has formally applied to recover money it paid under the International Emergency Economic Powers Act tariffs that the U.S. Supreme Court ruled illegal in a 6-3 decision on February 20, 2026. Speaking during Walmart’s fiscal first-quarter earnings discussion, Rainey said the filing places Walmart alongside Apple, Home Depot, General Motors, John Deere, FedEx, and Costco in defying President Donald Trump’s April 21 warning that he would “remember” companies that sought refunds.

“We have availed ourselves of the option to participate in those refunds. For us, it’s a relatively small part of our overall business,” Rainey said. He clarified that Walmart is the importer of record on roughly half of 1% of its U.S. sales — a figure that translates to about $2.42 billion in potentially eligible imports against the $483 billion in U.S. net sales the company posted in fiscal 2026.

The scale of the refund pool is staggering. U.S. Customs and Border Protection opened a portal in April for importers to claim more than $160 billion in refunds tied to the voided tariffs. Trump responded by telling reporters he would “fight” having to pay the money back and that companies would be “brilliant” not to seek refunds. His “I’ll remember” line was interpreted across corporate America as a thinly veiled threat to retaliate through future regulatory, procurement, or trade decisions.

For several weeks, the threat appeared to work. Apple, Amazon, and other politically exposed firms initially held off filing, over concerns about White House retaliation. That posture has now collapsed. Apple has confirmed it is seeking refunds. Levi Strauss chief financial officer Harmit Singh told investors earlier in May that the apparel maker expects to receive roughly $80 million in refunds for duties paid on denim and other imports. Gap Inc. chief financial officer Katrina O’Connell said in March that “the tariff impact has been significant to our performance,” signaling Old Navy, Banana Republic, Athleta, and the namesake Gap brand will all benefit.

Smaller companies are already receiving checks. Oshkosh Corporation chief financial officer Matt Field confirmed earlier this month that the truck and military vehicle manufacturer has begun receiving payments. “Following acceptance of our initial filing, we have begun receiving payments on our tariff refund claims, representing an initial portion of our total claims submitted,” Field said. Basic Fun, the toymaker behind Care Bears and Tonka trucks, has also started receiving funds. Chief executive Jay Foreman said the initial refunds represent about 5% of the company’s total claim. “We will utilize the refund dollars to help support our 2026 cash flow and invest in our team. This is the toughest time of the year for toy companies,” Foreman said. He added that the company will use the funds to increase salaries and announce promotions.

Logistics giants UPS, FedEx, and DHL have committed to filing refund claims on behalf of customer shippers who paid duties through their networks, requiring no further action from those importers. FedEx earlier sued the U.S. government in the U.S. Court of International Trade, seeking a full refund and citing “injury” from the duties.

The National Retail Federation, which represents retailers from Walmart down to small brands and manufacturers, has called for “a seamless process to refund the tariffs to U.S. importers,” arguing the refunds “will serve as an economic boost and allow companies to reinvest in their operations, their employees and their customers.”

The political backdrop remains tense. Trump has complained that the Supreme Court ruling did not include language barring refunds for tariffs already collected. “I’m not happy with the Supreme Court, I’ll be honest with you,” he told reporters in April. The president has separately floated using tariff revenue to fund direct “tariff dividend” checks to Americans, though any such program would require Congress to pass legislation.

Several refund-related bills are now sitting in committee. Senator Josh Hawley, Republican of Missouri, introduced the American Worker Rebate Act of 2025, proposing stimulus checks funded by tariff revenue. Senator Martin Heinrich, Democrat of New Mexico, introduced a separate March 2026 bill for tax rebates tied to tariff-driven price increases. Representative Tim Burchett, Republican of Tennessee, introduced the Trump Tariff Rebate Act, and Representative Henry Cuellar, Democrat of Texas, introduced the American Consumer Tariff Rebate Act of 2026. All four remain stalled.

“The likelihood of tariff refunds passing in Congress still seems remote,” Bankrate financial analyst Stephen Kates said. “A Republican-backed bill would all but admit that tariffs were a policy mistake.”

Consumers hoping for lower prices are likely to be disappointed. A survey by the CNBC CFO Council found that of 25 chief financial officers polled, 12 said their companies planned to apply for refunds, but none said they intended to pass the savings directly to customers. The funds, instead, are being earmarked for cash flow, capital expenditure, share buybacks, and worker compensation.

For investors, refund flows could become a meaningful near-term earnings tailwind for retailers and manufacturers that absorbed tariff costs without fully passing them through. Many large retailers, including Walmart and Gap, have not yet factored the Supreme Court ruling or potential refunds into their forward guidance, leaving room for upside revisions as checks arrive. Apparel companies, toymakers, automakers, logistics-heavy importers, and home improvement chains stand to benefit most.

The broader question hanging over corporate America is whether Trump will follow through on his retaliatory rhetoric. The fact that Walmart, the nation’s largest private employer, has now publicly disclosed its filing suggests the math has been done — and the financial upside has won.

— JBizNews Desk

© 2026 JBizNews. All Rights Reserved. Reproduction or distribution without written permission is prohibited.