Warren, Colleagues Urge FTC to Crack Down on Corporations Pocketing Consumers’ Tariff Refunds

Corporations raised prices to cover President Trump’s tariffs. Now they are keeping billions in refunds while families get no money back. “The [Federal Trade Commission] should act quickly to hold accountable any corporation that is ripping off consumers.” Text of Letter (PDF) Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.) led her colleagues in urging the Federal Trade Commission (FTC) to investigate giant corporations that are pocketing tariff refunds after raising prices on consumers. In a letter to FTC Chairman Andrew Ferguson, the senators pressed the agency to investigate whether these companies violated federal law by pocketing refunds instead of paying their customers back when President Trump’s tariffs were found to be illegal. The letter follows Warren’s inquiries to six large corporations that received substantial tariff refunds after raising prices on families. “Not a single one of these corporations provided any assurance that they will actually pass along refunds directly to their consumers,” wrote the senators. Giant retailers raised prices after President Trump imposed sweeping tariffs in April 2025. The letter cites estimates that consumers will pay 95 percent of Trump’s tariff costs, and that the tariffs will add an average of $2,500 to families’ expenses. After the Supreme Court struck down President Trump’s initial set of across-the-board tariffs in February 2026, the Trump administration began issuing refunds to corporations and importers. The government has paid out more than $100 billion in refunds — but the consumers that bore the brunt of cost increases have received no direct refunds. The senators highlighted responses from Walmart, Nike, Apple, Target, and Energizer. Walmart touted efforts to lower prices but refused to specify how much of its refund would go toward those cuts. Nike offered no explanation for how it would use the money. Apple cited investments in the United States, while Target pointed to holiday promotions and domestic investments. Energizer acknowledged it had identified no specific use for the funds beyond supporting its business operations and investments. Not one of the five companies committed to directly paying back customers who covered the cost of the tariffs. This “appears to be a massive theft from the middle class, facilitated by the Trump Administration and giant corporations that raised prices for middle class consumers in response to Trump tariffs and now are now pocketing their refunds,” continued the senators. The FTC Act bans unfair or deceptive practices and unfair methods of competition. The senators urged the agency to investigate whether these companies violated those protections. They warned that keeping tariff refunds could give companies an unfair advantage over their competitors. Meanwhile, the Trump administration has failed to provide guidance to companies on returning refunds to consumers. “The agency should act quickly to hold accountable any corporation that is ripping off consumers,” concluded the senators. The letter also warns that Trump’s later tariffs could extend the ripoff for families. Several of those tariffs face legal challenges. If courts strike them down, corporations could collect another round of refunds while consumers get nothing back. The Trump administration has not provided a plan to get those potential refunds back to families. The letter was also signed by U.S. Senators Richard Blumenthal (D-Conn.), Sheldon Whitehouse (D-R.I.), Elissa Slotkin (D-Mich.), Tammy Baldwin (D-Wis.), Cory Booker (D-N.J.), Ed Markey (D-Mass.), and Mark Kelly (D-Ariz.). Senator Warren has led the fight to protect American workers from the Trump administration’s disastrous trade agenda: In July 2026, at a hearing of the Senate Finance Committee, Senator Warren (D-Mass.) pressed U.S. Trade Representative Jamieson Greer on the Trump administration’s plans to refund the $166 billion in tariffs illegally collected from American importers, businesses, and consumers. In June 2026, Senator Warren (D-Mass sent a letter to U.S. Customs and Border Protection (CBP) demanding answers on the Trump Administration’s delayed rollout of refunds for the $166 billion in tariffs illegally collected from American importers, businesses, and consumers. In June 2026, Senator Warren (D-Mass.) and Mark Kelly (D-Ariz.) wrote to Secretary of Commerce (Commerce) Howard Lutnick , Secretary of the Treasury (Treasury) Scott Bessent, and U.S. Trade Representative Jamieson Greer, asking them to explain the disappearance of tens of thousands of manufacturing jobs under the Trump administration, despite President Trump’s promise of a “manufacturing boom.” In June 2026, Senator Warren (D-Mass.) released a new report titled “10 Ways President Trump Has Hurt American Workers,” detailing how President Trump has broken his promises to workers. In April 2026, Senator Warren (D-Mass.) pressed U.S. Trade Representative Jamieson Greer on the Trump administration’s use of tariffs to help Big Tech evade regulations that keep users safe — all while these tariffs jack up prices for American families and further decimate the manufacturing industry. In February 2026, at a hearing of the Senate Finance Committee, Senator Warren (D-Mass.) called on the Trump Administration to use the upcoming joint review of the U.S.-Mexico-Canada Agreement (USMCA) to strengthen the agreement’s protections for American workers and consumers—rather than as an opportunity to secure giveaways for corporations and billionaires. In December 2025, Senators Warren (D-Mass.), Luján (D-N.M.), and Smith (D-Minn.) wrote to U.S. Trade Representative Jamieson Greer urging him to publish a complete written report outlining the administration’s objectives for U.S.-Mexico-Canada Agreement (USMCA) renegotiations and reveal whether giant corporations had influenced those trade priorities. In June 2025, Senator Warren (D-Mass.) led members of the Senate Democratic Caucus in writing to the Secretary of the Department of Labor, Lori Chavez-DeRemer, urging the department to preserve President Biden’s expansion of the overtime threshold. In February 2025, at a hearing of the Senate Finance Committee, Senator Warren (D-Mass.) questioned Mr. Jamieson Greer , then-nominee for U.S. Trade Representative, on his vision for Trump’s trade policy. Mr. Greer agreed with Senator Warren that large corporations have outsized influence on trade deals and that U.S. trade policy needs to ensure “American businesses and American workers are prioritized” and that any exemption program “needs to be transparent and have the rules outlined.” ###