<div id="readability-page-1"><div><div>                                                                                                                                                <p>When the Supreme Court ruled that tariffs were illegal, stock markets did not jump back into companies that would benefit. In February, the court invalidated the Trump Administration’s use of the International Emergency Economic Powers Act.</p><p>Tariff refund requests might top $166 billion, according to a New York Times report. </p><p>Companies like General Motors (GM) already counted on around $500 million in refunds. Levi Strauss (LEVI) estimates around $80 million in refunds.</p><p>Before the ruling, Costco (COST) took actions to get the tariff funds back. Amazon (AMZN), however, did not file a tariff refund. As a result, it earned Trump’s response, who said he was “very honored” by that decision.</p><p>Apple (AAPL) is the juggernaut that potentially found the balance between a tariff refund and appeasing the U.S. President. The iPhone supplier’s CEO, Tim Cook, will probably get a tariff refund. Cook said on the conference call that it would apply tariff refunds paid to innovation and advanced manufacturing investments in the U.S.</p><p>Retail stocks like Walmart (WMT) and Costco (COST) are mildly pricing in the tariff refund tailwind. Shares in those firms are near a yearly high. Consumers will have more cash to spend, provided that companies share some of the refund.</p><p>Still, markets are not betting that consumers would benefit. Restaurants like Domino’s Pizza (DPZ) closed near a 52-week low last week. P&amp;G (PG) is underperforming while J&amp;J (JNJ) stock is pulling back.<br/></p></div></div></div>

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<p>The Supreme Court's ruling against tariffs has not led to a market surge for companies expecting refunds, despite potential claims exceeding $166 billion. Firms like GM and Levi Strauss anticipate significant refunds, while Costco has acted to reclaim funds. Apple’s CEO plans to use refunds for U.S. investments. Retail stocks are slightly benefiting, but overall market sentiment remains cautious, with some companies like Domino’s and P&G struggling.</p>

- The Supreme Court ruled tariffs illegal, yet stock markets did not rebound significantly for companies poised to benefit.  
- Estimated tariff refund requests could exceed $166 billion, with companies like General Motors and Levi Strauss anticipating substantial refunds.  
- Despite some retailers pricing in potential benefits, overall market sentiment suggests skepticism that consumers will see significant gains, as evidenced by the decline in restaurant stocks.

Why Markets Are Dismissing the Tariff Refund Tailwind