Politics
Tariffs Raised Consumers’ Prices, but the Refunds Go Only to Businesses
You probably won’t receive a huge tariff refund.
The largest businesses stand to reap the biggest bucks as the Trump administration begins to return more than $166 billion in duties deemed illegal by the Supreme Court. Even though President Trump’s trade policies have led to higher prices for companies and consumers, many families aren’t in line to benefit directly from the coming refund checks.
The discrepancy is a reflection of the nation’s complicated import laws — and the ever-fluid nature of Mr. Trump’s trade war.
When the government applies taxes to foreign goods, it charges the firms and brokers that bring those items into the country. Those costs proved substantial during the president’s first year back in office, after he imposed a set of so-called reciprocal tariffs on nearly every U.S. trading partner.
But a majority of justices on the nation’s highest court struck down those duties in February, forcing the administration to pay back much of its coveted tariff revenue. As a result, the government owes refunds to the importers on its record books — meaning companies, in many cases — even if those businesses ultimately shifted the costs of Mr. Trump’s taxes on to their customers.
The beneficiaries may include retail giants, such as Costco, Gap, Home Depot, Kohl’s, Lowe’s, Target and Walmart. For some, analysts estimate that the refunds may total into the billions of dollars apiece, leaving them with a choice of whether to keep the money or share it with consumers, even if indirectly in the form of future discounts.
But almost none of those U.S. retailers commented by Thursday on their exact plans. Only Costco promised previously to pass savings on to customers, without explaining how, as the buy-in-bulk company faces one of a series of class-action lawsuits from furious Americans who believe they are owed refunds.
Heather Boushey, who served on the White House Council of Economic Advisers under President Joseph R. Biden Jr., described the refund process as a “windfall for businesses,” some of which foisted the tariffs on consumers.
“American families,” she added, “are certainly the losers.”
That could turn the tariff refunds into a divisive political issue, at a moment when a majority of voters have already expressed dissatisfaction with the president’s handling of the economy. Democrats have demanded that the administration return the money to families, but Mr. Trump has opposed returning the money at all — and he suggested this week that it would be “brilliant” if companies chose to forgo repayment.
The White House did not respond to a request for comment.
For more than a year, Mr. Trump has insisted that foreigners, not Americans, have shouldered the financial burden of his punishing global trade war. But the data has always told a more complicated story, one in which Americans have actually been left to pay a substantial toll.
One measure from the Federal Reserve Bank of New York, published in February, estimated that nearly 90 percent of the economic burden from Mr. Trump’s duties had fallen on U.S. companies and consumers. Its findings prompted an unusually harsh rebuke from the White House, which attacked the report’s economists for a conclusion at odds with the president’s beliefs.
Mr. Trump’s tariffs have also threatened to cut into families’ finances. Studying Mr. Trump’s latest rates in April, the Yale Budget Lab, a think tank, estimated that his policies could cause prices to rise as much as 1.1 percent in the short run, which would translate to an annual loss in income of about $1,500 per household. But it cautioned that its analysis rested on a set of assumptions about how Mr. Trump’s rates might evolve.
After Mr. Trump unveiled his highest duties last spring, companies in particular tried a variety of tactics to blunt the financial impact. They slowed imports, reduced staff, paused development, renegotiated deals with suppliers or absorbed the bite of tariffs into their bottom lines. And in some cases, they raised prices.
The costs of Mr. Trump’s trade war proved so staggering that some businesses sued in a bid to recover their money even before the Supreme Court ruled on whether the president had acted illegally. The official refund process commenced only on Monday, and by the government’s own count, the task ahead is monumental. By early March, there were more than 330,000 importers that had paid illegal tariffs on more than 53 million entries, customs officials said.
Some of the refunds may be significant. Walmart, for example, may stand to recover more than $10 billion in previously paid tariffs, according to an analysis this month from Citi Research. Target could be due more than $2 billion, Nike could receive $1 billion, and Home Depot could see a more than $500 million refund, the report found.
Paul Lejuez, a managing director at Citi Research who focuses on department stores, said the estimates did not include interest owed by the government on those refunds. He cautioned that the figures were imprecise calculations derived partly from companies’ financials.
Still, Mr. Lejuez said he expected retailers to face pressure soon from consumers, who want to see companies “show some signs of giving back.”
At least three, FedEx, UPS and DHL, have said they intend to share tariff refunds directly with customers. Frequently, the shipping giants pay tariffs as the official importers for shipped goods, but pass along the charges to the consumers, who placed the orders. Each said it would help customers recover money.
Other businesses have been more circumspect. At an April forum hosted by JPMorgan, John David Rainey, an executive vice president at Walmart, said he expected the big-box retailer to “certainly avail ourselves” of any refund process. But he offered few clues on Walmart’s plans for the money.
“We’ve absorbed a lot of that,” he told investors at the time, referring to the president’s tariffs. “In some cases, we had to pass along that price increase to customers.”
The lack of clarity has prompted some unsatisfied consumers to take matters into their own hands. In recent weeks, they have filed class-action lawsuits against FedEx, UPS and other brands, including Costco and Temu, the low-cost online marketplace, according to state and federal court records.
The lawsuits generally seek to recover money directly for shoppers, claiming that companies do not deserve to profit twice — first by raising prices on consumers, then from collecting federal tariff refunds plus interest.
“The consumer, for all intents and purposes, pays the tariff,” a set of lawyers argued in their lawsuit against Costco, filed in March. They asserted that the company’s pursuit of a refund “constitutes unjust enrichment at the expense” of customers.
David French, the executive vice president of government relations at the National Retail Federation, a lobbying group, said it would be difficult for companies to try to return money directly to consumers because executives cannot simply look at a tariff and “pull out a specific price increase from a retailer’s array of goods.”
But he said he expected some companies to try to give back in other ways. “It may not be a specific item on a receipt that says, ‘This is a tariff refund,’ but you’re going to see the money returned to customers in many cases,” Mr. French said.
Echoing the sentiment last month, Ron M. Vachris, the chief executive of Costco, told shareholders that his retailer would try to “find the best way to return this value to our members through lower prices and better values.” He also said that Costco did not “pass the full cost” of tariffs on to its members, and that calculating the “exact impact” of duties on prices was difficult.
Mr. Trump’s tariffs are expected to change again, as the White House looks to resurrect its previous sky-high rates using another set of trade powers. The president has already imposed a temporary, across-the-board tariff of 10 percent on most imports, using a provision of law that has been challenged in court.
The expected losses from tariffs still represent a sharp departure from the gains that Mr. Trump had once promised to Americans. Initially, the president had said he would return some of the money collected from his duties to families in the form of a rebate check. The idea never gained much traction even among Republicans in Congress, yet the president still pledged repeatedly to offer “a nice dividend to the people,” as he sought to shore up support for his economic agenda.
Mr. Trump does not appear to have mentioned the idea since losing at the Supreme Court, yet many Democrats have started to demand that his administration compensate families.
On Thursday, a group of Democratic lawmakers including Representatives Steven Horsford of Nevada and Suzan DelBene of Washington asked the top executives of Walmart, Target and other companies to ensure the coming tariff refunds “reach those who ultimately bore those costs.”
“American families felt the impact of these tariffs in everyday life,” they wrote in a letter. “The question of how refunds are distributed is one of corporate accountability and economic fairness.”
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Maine Democratic Senate candidate Graham Platner has emerged as one of the party’s fastest-rising political figures, drawing national attention for his populist message and outsider image.
But as his profile has grown, so has scrutiny of his past conduct, with controversies ranging from sexually explicit messages and offensive social media posts to a Nazi-linked tattoo and campaign staff upheaval.
PLATNER CONTROVERSIES FUEL SPECULATION ABOUT LITTLE-KNOWN MAINE BALLOT REPLACEMENT PROVISION
In continued clean-up of those scandals, Platner came to Washington, D.C. on Tuesday to huddle with party figures at the Democratic Senatorial Campaign Committee headquarters just one week before his primary election.
The Marine veteran and oyster farmer has defended himself against the criticism and retained the support of prominent Democrats, including Senate Minority Leader Chuck Schumer, D-N.Y., and Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass. Still, some have questioned whether the allegations could complicate Democrats’ efforts to unseat Sen. Susan Collins, R-Maine, in one of the nation’s most closely watched Senate races.
Here’s a look at the major controversies that have engulfed Platner’s campaign.
Explicit text messages and sexting allegations
Senate candidate Graham Platner is under fire, but it was his wife Amy Gertner coming out with a controversial five-minute social media post by the campaign to denounce the ‘attacks’ while she did not deny the allegations of infidelity in a new marriage. (Joe Raedle/Getty Images)
The most recent controversy surrounding Platner stems from reports that he exchanged sexually explicit messages with multiple women during his marriage, an issue that campaign aides were reportedly aware of as his Senate bid was taking shape.
The Wall Street Journal reported that Platner’s wife, Amy Gertner, informed a campaign aide about the text exchanges shortly after he launched his Senate bid as staffers were assessing potential political liabilities.
According to the report, Gertner discovered the messages months after the couple married in 2024 and disclosed their existence before her husband held a campaign rally alongside progressive Sen. Sanders. The campaign told Politico that the aide viewed the matter as a private issue between the couple and did not raise concerns about it publicly.
SENATE CANDIDATE GRAHAM PLATNER SENT EXPLICIT TEXTS TO MULTIPLE WOMEN WHILE MARRIED, WIFE SAYS: REPORT
Platner’s campaign later confirmed the existence of the text exchanges to Politico.
He also told Fox News Digital in a statement: “Amy and I went through something hard — because of me. We did the work, and I’m grateful for her every hour of every day.”
“I’ve learned throughout this campaign is that people don’t care about gossip or headlines, they care that you’re fighting for their hospitals, their paycheck, their kids… Our opponents want politics to be empty of content and empty of actual change — and beating that is exactly what our movement is about,” he added.
In a statement to the Journal, Gertner criticized the disclosure of the information, saying she had shared “deeply personal details” about her marriage with someone she considered a friend, only to see those details become public.
She revealed that the two attended couple’s counseling, worked through the issues in their marriage and have since emerged as a stronger couple.
“I know who Graham is. I know the man I married and the husband he has been to me on the best and the worst days of my life,” Gertner said. “That hasn’t changed, and it won’t.”
Nazi-linked tattoo
Graham Platner, a Democratic candidate for U.S. Senate in Maine, points to a covered tattoo that was previously recognized as a Nazi symbol during an interview in Portland, Maine, on Oct. 22, 2025. (WGME via AP)
Platner’s campaign also faced intense scrutiny after it was revealed he once had a skull-and-crossbones tattoo on his chest closely resembling the “Totenkopf” symbol used by Hitler’s SS paramilitary forces.
The Maine Democrat said he got the tattoo during a “night of drinking” while on leave in Croatia in 2007 as a Marine and claimed he was entirely unaware of its meaning at the time.
In an Instagram video posted in May, Platner elaborated on the tattoo’s origins. He explained that he merely selected the design from a flash tattoo wall while “carousing” with fellow Marines in Split, Croatia.
“We thought it looked cool,” he downplayed.
Platner said he was later “appalled” to learn the image resembled a Nazi symbol, arguing that his life and career have been defined by opposition to fascism, racism and Nazism. He also noted that he was never questioned about the tattoo during his military service.
MAINE DEM SENATE HOPEFUL BACKED BY BERNIE SANDERS APOLOGIZES FOR NAZI-STYLE TATTOO, VOWS TO STAY IN RACE
Rather than undergo removal, Platner said he chose to cover the tattoo because tattoo removal services were not readily available near his rural Maine home.
“Going to a tattoo removal place is going to take a while,” he told The Associated Press. “I wanted this thing off my body.”
The symbol was ultimately covered with a tattoo featuring a Celtic knot and images of dogs, which Platner said were meant to honor his family pets.
Deleted Reddit posts reveal offensive comments
U.S. Senate candidate from Maine Graham Platner speaks during a campaign event on May 17, 2026, in Portland, Maine. (Joe Raedle/Getty Images)
The keystone scrutiny Platner has faced during his bid stemmed from thousands of now-deleted Reddit posts that resurfaced after he launched his Senate campaign.
In posts first reported by CNN and Politico, Platner referred to himself as a “communist” and “socialist” and endorsed the slogan “all cops are b—–ds.”
In other posts, he argued that those who “expect to fight fascism without a good semi-automatic rifle, they ought to do some reading of history” and said that “an armed working class is a requirement for economic justice.”
DELETED POSTS URGING VIOLENCE HAUNT DEMOCRATIC SENATE HOPEFUL IN MAINE RACE
The posts under his since-retired username “P-hustle” were deleted before Platner announced his Democratic Senate bid in August.
The candidate has since addressed the posts multiple times, telling CNN and Politico that he was “f—ing around on the internet” during a period when he felt “lost and very disillusioned with our government who sent me overseas to watch my friends die.”
“I made dumb jokes and picked fights,” Platner said. “But of course I’m not a socialist. I’m a small business owner, a Marine Corps veteran, and a retired s—poster.”
In the posts Platner made crude comments about masturbating in port-a-potties and claimed a U.S. service member who took enemy fire in Afghanistan “didn’t deserve to live.”
GRAHAM PLATNER VOWS TO ‘COME AFTER’ BEZOS AS SENATE HOPEFUL ESCALATES BILLIONAIRE TAX FIGHT
The controversies have done little to erode Platner’s standing within the Democratic Party as he has continued to attract national attention and grassroots support in the Democratic primary bid to challenge Sen. Collins for her seat.
Since former Democratic Maine Gov. Janet Mills halted her campaign in April, much of the party establishment has consolidated behind Platner, and national Democrats have continued to support his candidacy despite the flurry of scandals.
The steady stream of allegations and past controversies has also drawn attention to a little-known provision in Maine election law that allows political parties to replace a nominee under certain circumstances after a primary election.
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Under state law, a candidate who wins a primary and subsequently withdraws by 5 p.m. on July 13 can be replaced by a nominee selected by party officials. Any replacement candidate must then be chosen by 5 p.m. on July 27.
There is currently no indication that Platner plans to withdraw from the race, and the Democratic hopeful has repeatedly vowed to continue his campaign. Still, the provision has drawn renewed interest as questions persist about whether additional revelations could complicate his candidacy.
Platner’s campaign did not immediately respond to Fox News Digital’s request for comment.
Politics
Commentary: Bass clears first hurdle, but if Pratt holds off Raman, the mayoral race could be a holy war
L.A. Mayor Karen Bass made what sounded like a victory speech Tuesday night.
Councilmember Nithya Raman made what sounded almost like a concession speech.
And former reality TV star Spencer Pratt relayed a message from the heavens.
“Well, obviously God wanted five more months of me exposing all the failures of our mayor, so it’s gonna be a fun ride,” Pratt said. “I hope she’s ready.”
Assuming Pratt holds on to one of the two spots in the Nov. 3 general election as the final votes are tallied in the next few days, the smart money will be on Bass, for reasons I’ll get into in a moment.
But the supreme being and patron of all pontiffs has to be considered a wild card. This is the first time, to my knowledge, that an incumbent mayor in the City of Angels would be running against a challenger whose campaign manager is God Almighty.
So here we go. We could be in for one of the more remarkable electoral adventures in city history, with a complete novice and MAGA conservative going up against a liberal career politician in a deep-blue city and state full of people who are tired of hearing excuses from Democrats. (If Raman ends up ousting Pratt, my apologies for jumping to conclusions. But it’s not my fault. The devil made me do it.)
If you intend to follow closely, as of course you should, maybe you can help me count the number of times Pratt plays the faith card. I went to St. Peter Martyr School and attended the church by the same name, and I don’t recall ever hearing a nun or a priest drop God’s name as often as Pratt does.
In fact, I just watched a clip of Pratt talking to Fox News TV host and Donald Trump disciple Kayleigh McEnany, and over the course of 1 minute and 52 seconds, he mentioned God or Jesus 10 times.
“Thankfully, I married an angel who was very connected with Jesus and has brought me to the light,” Pratt said of his wife and former reality TV co-star Heidi Montag. “It’s been very empowering to just pray and just be on his path and just say, ‘God, if you want me to save these animals, save these humans and protect my city, just keep putting me in the place where I can do that.’”
Is he running for mayor or cardinal?
Look, I totally respect your average true believer. But I’m not entirely comfortable with a mayor who might be sitting around City Hall waiting for signs and smoke signals rather than knowing what to do on his own.
God has a lot on his plate. He might be busy multiplying fishes and loaves so people don’t go hungry thanks to the president’s tariffs and warmongering. Is he going to rush to answer a prayer for guidance about underfunded parks or broken sidewalks in Los Angeles?
How did we get here, you ask?
Well, Pratt is an AI creation, in a way. A composite of sorts. You combine the forces of social media, political rebellion, second-rate celebrity obsession and the Peter Principle, and here’s a little Trump puppet walking around L.A. like he’s the chosen one.
Add to that the very real essence of his appeal to some voters:
Los Angeles has problems. Big problems that don’t get fixed quickly enough or at all, and Pratt represents the angry voter who wants to know why City Hall can’t do better and where all the money went. He’s absolutely right when he says we shouldn’t have people living on the streets, using drugs on the streets and dying on the streets.
But if Pratt is in the general election rather than Raman, we’re in for a national media circus rather than a summit on solutions. Raman is well-versed on matters of relevance and could have pushed back against Bass in substantive, detailed ways. On the other hand, as Pratt has fairly argued, Raman headed City Council’s homelessness committee, so isn’t she partly to blame for the failures she tried to pin on Bass?
As for Pratt’s policy chops, he has not responded to my offers of a get-together. Absent that, and given his careful avoidance of local reporters who know their stuff, I read his platform on his campaign website and I can tell you that while he touches on many of the right issues — public safety, fiscal integrity, homelessness — attention to detail and depth of knowledge are not God-given strengths.
Maybe Pratt can actually deliver on his promise of a “treatment-led recovery model that addresses mental illness and addiction as the primary drivers of chronic homelessness.” But that would require an act of God (which I suppose is possible given their relationship), because those matters are primarily under the direction of the county, not the city.
This is the main problem here. Bass was beatable, and could have been pushed by a serious challenger to do better.
In the last election, Rick Caruso gave her a scare. That was partly because he had some depth on the issues, he was a successful businessman and philanthropist, he had served on the police commission and the water and power board, he had built relationships across the city and, along with his family, he had poured time and millions of dollars into underserved communities.
In this election, it looks as though Bass could get lucky and face off against a guy who lost his house in the Palisades fire, saw a few homeless encampments through his car window, and decided he wanted to be mayor. Some might have questioned his hubris, but only before learning that he was on a mission from God.
If you’re keeping count, that’s nine mentions of God so far in this column.
One more for the tie, with an eye toward five more months of campaign fodder.
Thank you, God.
steve.lopez@latimes.com
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Sen. Ron Wyden, D-Ore., suddenly found himself on the defensive at a budget hearing on Wednesday when, amid levying accusations of the Trump administration’s “corrupt” dealings, Treasury Secretary Scott Bessent fired back by bringing Wyden’s son’s investments into the exchange.
“We would like to hear what Adam Wyden and Jeffrey Epstein talked about,” Bessent said, referring to unearthed emails drawing a connection between the senator’s son and the disgraced financier.
“Did your son and Jeffrey Epstein talk about pole dancing as he begged him for money?”
The moment continues the political fallout for the many names associated with Epstein that — despite not amounting to proof of wrongdoing — continue to prompt embarrassment and scandal at even the smallest mention.
TOP FIERY MOMENTS AS DEMOCRATS CLASH WITH TREASURY SECRETARY BESSENT IN CHAOTIC HILL HEARINGS
Treasury Secretary Scott Bessent, left, pictured along Sen. Ron Wyden, D-Ore, right. (Aaron Schwartz/Bloomberg via Getty Images; Chip Somodevilla/Getty Images)
Epstein, a former financier, died while in prison on charges of sex trafficking minors in 2019, leaving behind questions of whether he facilitated illegal sexual encounters for his vast network of rich and powerful figures.
Amid public demands for transparency on the matter, the Department of Justice released troves of documents on Epstein late last year, unveiling a slew of new names with all manner of ties to the infamous figure ranging from purely innocuous to alarming.
Among them, emails surfaced indicating that Adam Wyden, Ron Wyden’s son, went to Epstein, hoping to gain his support for a business venture.
UNEARTHED EMAILS REVEAL DEM SENATOR’S SON WANTED EPSTEIN TO JOIN HIS FUND: ‘ENJOYED OUR CONVERSATION’
Sen. Ron Wyden leaves a Senate Democratic meeting at the U.S. Capitol Building in Washington, D.C., on Oct. 3, 2025, as the federal government shuts down after Congress and the White House failed to reach a funding deal. (Kevin Dietsch/Getty Images)
“Jeffrey, I wanted to thank you for taking the time to meet with me. I thoroughly enjoyed our conversation and hope my passion and dedication for my business came through in the meeting. I live and breathe this business and take my returns, integrity and reputation quite seriously,” the younger Wyden said in an email in April 2016.
“I intensely appreciate like-minded individuals and would very much look forward to having you join us at the fund.”
The emails came after Epstein pleaded guilty to soliciting a minor for prostitution in Florida in 2008.
It’s unclear what the business venture discussed by Adam Wyden and Epstein may have been or what, specifically, had been discussed in their conversations.
Even so, Bessent reminded viewers that the younger Wyden had a history of investing in off-color markets at Wednesday’s hearing.
DEMOCRATS ARE HAMMERING REPUBLICANS ON EPSTEIN, BUT ONE SENATOR BRUSHED OFF THE ISSUE YEARS AGO
Treasury Secretary Scott Bessent addresses a press conference in Rosenbad after trade talks between the U.S. and China concluded in Stockholm, Sweden, on July 29, 2025. (Magnus Lejhall/TT News Agency/AFP via Getty Images)
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“Your son’s largest investment position was Rick’s Cabaret,” Bessent said, referring to a series of strip clubs.
Wyden, who has widely panned the Trump administration and its many officials for their own connections to Epstein, didn’t respond to Bessent’s jabs.
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