S&P 500 · Donald Trump · Apple · Fortune Technology
The refunds are already boosting bottom lines, and 40 companies in the S&P 500 have recorded $9.6 billion
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“Not only are tariff refunds boosting corporate earnings, they are also boosting GDP growth,” Apollo Chief Economist Torsten Slok said in a note on Saturday.
Key facts
- The refunds are already boosting bottom lines, and 40 companies in the S&P 500 have recorded $9.6 billion, with Apple alone reporting nearly $2.2 billion, according to a Wall Street Journal tally
- The refunds so far represent about 60% of the $166 billion in revenues collected from import taxes under the International Emergency Economic Powers Act, which were struck down by the Supreme Court
- He estimated that the refund money will contribute about 0.2 percentage point to third-quarter GDP growth, which the Atlanta Fed says is tracking toward 4.3%
- After backing out those sectors, the economy would’ve added 70,000 jobs, in line with Wall Street’s consensus, instead of losing 23,000 jobs
Summary
The Trump administration has returned more than $100 billion to U.S. businesses and importers that paid his global tariffs, and the money is quickly heating up the economy. The refunds are already boosting bottom lines, and 40 companies in the S&P 500 have recorded $9.6 billion, with Apple alone reporting nearly $2.2 billion, according to a Wall Street Journal tally. He estimated that the refund money will contribute about 0.2 percentage point to third-quarter GDP growth, which the Atlanta Fed says is tracking toward 4.3%. That represents a steep acceleration from the second quarter’s gain of 1.5%, which was skewed by high AI-related imports, as well as 2.1% in the first quarter.