Walmart says it is using $2.9 billion in tariff refunds to lower prices for shoppers

Retail giant Walmart announced it has received substantially all of the $2.9 billion in tariff refunds it was eligible for and plans to direct the funds toward lowering prices and improving customer experience in grocery and general merchandise. John David Rainey, the company's chief financial officer, stated during the second-quarter earnings call that the investment is intended to maintain market share and address customer needs. Walmart implemented 11,000 temporary price cuts in the second quarter, up from 7,200 in the first quarter. These refunds follow a February Supreme Court ruling that struck down tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA). Despite a 30% rise in operating income, Walmart reported its slowest growth in comparable U.S. store sales in six years, causing its stock price to fall 9% during Thursday morning trading.