Americans are demanding refunds from the $180 billion in tariffs they paid for, and they're suing companies like Costco to make it happen | Fortune

"Overwhelming data, including a report from the Federal Reserve Bank of New York, indicated that U.S. importers paid for the majority of the tariffs-up to 90%-with many passing down the increased costs to American consumers. Goldman Sachs estimated the tariffs added a 0.7% increase to inflation over 10 months, with prices to increase another 0.1% in 2026 because of levies."

"Costco was able to expand margins during the peak of the IEEPA tariff regime by selectively raising prices on tariffed goods. The higher prices consumers paid were a consequence of Costco's increased cost of importation. Absent the imposition of the unlawful IEEPA tariffs, Costco would not have needed to raise prices on consumers in this way."

"The Supreme Court ruling striking down tariffs imposed under the International Emergency Economic Powers Act (IEEPA) opened the door for U.S. companies to snap up refunds from the approximately $180 billion in import tax revenue. Now customers who experienced higher prices from the tariffs are demanding their fair share."

A Supreme Court decision striking down tariffs under the International Emergency Economic Powers Act has triggered refund claims on roughly $180 billion in import tax revenue. Data from the Federal Reserve Bank of New York shows U.S. importers absorbed up to 90% of tariff costs, with many passing increases to consumers. Goldman Sachs estimates tariffs added 0.7% to inflation over ten months, with additional 0.1% increases expected in 2026. American consumers are now pursuing litigation against major retailers, including a lawsuit filed against Costco by Illinois resident Matthew Stockov, alleging the company raised prices due to tariffs and would receive improper double recovery if it collects refunds without compensating customers.

Read at Fortune