Trump Tariffs Put Pressure on Hiring and Wages, But $100 Billion in Refunds Is Giving Companies a Chance to Reward Workers

U.S. companies have received more than $100 billion in refunds following the Supreme Court’s invalidation of President Donald Trump’s International Emergency Economic Powers Act tariffs, with some companies directing part of the money toward employee bonuses and retirement benefits.

Trump Tariff Refunds Top $100 Billion The U.S. Treasury has distributed more than $100 billion in tariff refunds since May after the Supreme Court struck down Trump’s IEEPA tariffs, Fortune reported on Tuesday.

In March, U.S. Trade Representative Jamieson Greer urged companies to share the unexpected funds with workers.

"If I were these companies, and somehow they get this windfall, the most important thing and the smartest thing they should do is give it as bonuses to their workers," Greer told CNBC.

Some companies have followed that approach.

Last month, in its second-quarter earnings report, Williams Sonoma said it would allocate $10 million for one-time payments into eligible employees’ 401(k) accounts, citing their efforts in navigating the tariffs.

"We’re so appreciative to have the money back and to be able to reward our employees with part of it," CEO Laura Alber said on an earnings call.

TJX, which received $331 million in tariff refunds, said it accrued $112 million for year-end incentive compensation and discretionary bonuses for eligible employees globally.

Trump Tariffs Weakened Jobs and Wage Growth A report from Democrats on the Senate Joint Economic Committee said more than 100,000 manufacturing jobs had been lost during the first year of Trump’s second term, while arguing that tariffs contributed to the decline. BLS data, however, show manufacturing employment has since recovered from a December 2025 low, rising by 58,000 through August 2026.

The Tax Foundation’s Alex Durante said tariffs can prompt companies to adjust prices, investment, hiring or employee compensation.

Trump Defended Tariffs as Economists Raised Concerns Previously, Trump said his tariffs had helped revive the U.S. auto industry, citing Ford, General Motors and other automakers while criticizing Canada’s trade practices.

In July, the Trump administration introduced new tariffs of 10% to 12.5% on more than 80 countries, covering over 99% of U.S. imports.

University of Michigan economist Justin Wolfers said the new tariffs could survive legal challenges but would still hurt the U.S. economy, calling them a "new wrapper, same rotten policy."