Amazon said it has received about $600 million in tariff refunds following a Supreme Court ruling that struck down several levies imposed under President Donald Trump, and the company expects to return a portion of that money to customers.
“We are participating in the tariff refund process and, as I mentioned earlier, we received approximately $600 million in Q2,” Brian Olsavsky, Amazon’s finance chief, said on the company’s earnings call.
The refunds stem from a February Supreme Court decision that invalidated tariffs imposed under the International Emergency Economic Powers Act of 1977, requiring the US government to reimburse duties collected from importers. Companies including Apple, Walmart, Costco, Home Depot and General Motors have said they would apply for refunds.
Limited exposure caps Amazon’s refund share
Amazon indicated its refund amount is relatively limited compared to peers due to how its marketplace operates and its inventory strategy.
“Second, we are not the importer of record for the large majority of items sold in our store,” Olsavsky said in the call
He added that Amazon had also pre-positioned inventory ahead of the tariffs, reducing its exposure. More than 60% of products sold on Amazon come from third-party sellers, many of whom import goods themselves and raised prices when tariffs were in effect. Those sellers have also applied for refunds independently.
Selective refunds for customers
Amazon said only a portion of the refunded money will go directly back to consumers, depending on whether the company can clearly trace tariff costs passed on to buyers.
“We’ve identified a limited set of circumstances where we can trace that we’ve passed specific import charges onto customers, and when we receive those refunds, we will proactively contact affected customers and automatically issue refunds to them,” Olsavsky said. “Otherwise, like other large retailers, we’ll utilize refunds to continue to invest in low prices for customers.”
The issue has drawn scrutiny. In May, consumers filed a class action lawsuit in Seattle alleging Amazon failed to seek refunds earlier to “curry favor” with Trump. The company had previously not disclosed whether it would apply for reimbursements.
Political pressure and broader corporate response
Trump had publicly pressured companies on the issue, telling CNBC in April he would “remember” those that did not seek refunds. Amazon had also faced backlash from the White House last year after reports it planned to display tariff costs alongside product prices, prompting Trump to call founder Jeff Bezos.
Meanwhile, other companies have already begun looking at the impact of refunds. Apple said its earnings per share rose 5%, or 11 cents, in the third quarter due to tariff reimbursements.
Massive government payouts underway
The refunds are part of reversal of tariff collections. US customs duties showed a negative balance of $25.6 billion in June as reimbursements began. The Tax Foundation estimates about $166 billion will ultimately be returned, roughly three-quarters of the tariff revenue collected between April 2025 and February 2026.
Tariff revenues had surged to between $27 billion and $31 billion per month during that period, contributing around $195 billion in fiscal year 2025. Even at that level, tariffs accounted for only about 3.7% of total government receipts.
Economic impact and policy continuation
Economists have flagged consequences of the tariff regime. The measures effectively raised taxes by about $1,000 per household in 2025 as costs were passed on to consumers. They are also projected to reduce GDP by 0.6% and eliminate around 450,000 jobs in the long run, while failing to significantly boost U.S. manufacturing activity.
Despite the court setback and economic concerns, the Trump administration has moved to maintain tariff pressure, introducing new global duties of 10% to 12.5% on more than 80 countries. Officials say the measures are aimed at curbing imports linked to forced labor, even as legal and economic debates around tariffs continue.