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Wed, 19 Aug 2026

Wed, 19 Aug 2026 US retail giant receives $1bn boost from tariff refunds

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

* Boosts retailer's latest profits with second quarter operating income doubling to $2.6 billion
* Company received a $994 million pre-tax reimbursement, largely due to a Supreme Court ruling that declared President Donald Trump's import tariffs unlawful
* However, new import taxes on Canadian goods are still being imposed by the US government
* Economists warn prices for consumers may rise as businesses pass on extra costs to customers
* Target is seeking to reduce its reliance on China for sourcing products and has cut prices on over 10,000 items in the past year.