Amazon's tussle with President Trump's tariffs turned into a $600 million payday, and the company says at least some of that money will flow back to shoppers. On its earnings call Thursday, Amazon disclosed that it received roughly $600 million in tariff refunds in the second quarter after the Supreme Court in February tossed out many of Trump's import levies as illegal, CNBC reports. Finance chief Brian Olsavsky said the company is part of the broader refund process that's also benefiting giants like Apple, Walmart, Costco, Home Depot, and General Motors; Apple said refunds boosted its earnings per share by 5% last quarter.
Amazon, which hadn't previously confirmed it would seek refunds, faces a consumer class-action lawsuit claiming it initially avoided doing so to stay on Trump's good side. Olsavsky said Amazon's payout is "limited" because it stocked up ahead of the tariffs and isn't the importer of record for most items sold on its site—third-party sellers handle much of that and have been pursuing their own refunds. Amazon now plans to automatically reimburse customers in cases where it can clearly track tariff costs passed along in prices, and says the remaining funds will be used to support lower prices overall.
Amazon reported strong profit and revenue on Thursday, with sales in its AWS cloud computing unit surging 37% in the June quarter, the AP reports. CEO Andy Jassy said the company now expects capital expenditure to top $220 billion this year, up from an earlier estimate of $200 billion, with spending on robots and satellites as well as AI infrastructure. He said the extra spending was largely due to the increased cost of memory chips. Amazon shares rose more than 13% Friday.
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