Walmart will use $2.9 billion in tariff refunds to lower prices, but other retailers are less clear on their plans.

President Donald Trump on Friday morning said he would exempt from tariffs 300,000 metric tons of imported ground beef, the administration’s latest bid to lower prices ahead of midterm elections in which voters appear set to punish the GOP for the rising cost of living.

Retailers and other major corporations have reported tariff refunds have significantly boosted their bottom lines.

That’s how much Americans are paying per pound for ground beef, up from $11.88 last July and $10.86 in July 2024, according to the U.S. Bureau of Labor Stati

Under the deal, the U.S. will allow beef intended for ground beef production to enter the country without an out-of-quota tariff over the next 90 days. The post Trump Announces Beef Tariff Relief — and Takes Jab at Biden — in Bid to Cut Prices first appeared on Mediaite.

Walmart received $3 billion in tariff refunds and used the money to cut prices on 11,000 items, particularly groceries and general merchandise, the retailer said in its quarterly earnings report.

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The US chain said it received a $994 million pre-tax reimbursement, which resulted in its second quarter operating income rising to $2.6bn.

Walmart (WMT) stock dropped 9% as US comp sales grew only 2.6%. The retailer will use a $2.9B tariff refund to fund aggressive price reductions.