Walmart spent much of the past year warning that Trump’s now struck-down Liberation Day tariffs would raise prices on store shelves. Now, nearly $3 billion of that money is coming back to the retail giant, and it plans to use the windfall to lower prices as consumers feel the pain in their pockets.
Walmart was eligible for $2.9 billion in tariff refunds that the Supreme Court ruled were unlawfully imposed under President Donald Trump’s emergency powers—approximately half a percent of its annual U.S. sales. CFO John David Rainey said on Walmart’s earnings call Thursday that the company has now received “substantially all” of that money and will reinvest it into lowering prices “because customers need us to.” Walmart shares as much as 9% in Thursday trading after U.S. sales growth hit a 6-year-low.
