---
title: "QUICK SPARK: Trump's Tariff Refunds Are Massive — And Hitting Balance Sheets"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/295842581.md"
description: "Major U.S. corporations like Apple, Nike, and Amazon are receiving massive tariff refunds, significantly boosting reported earnings. However, analysts warn that S&P 500 earnings growth may appear stronger than reality due to these one-time benefits. Amidst this, Apple faces a stock downgrade from Jefferies despite bullish outlooks from other experts regarding future iPhone cycles."
datetime: "2026-08-13T20:17:10.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/295842581.md)
  - [en](https://longbridge.com/en/news/295842581.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/295842581.md)
---

# QUICK SPARK: Trump's Tariff Refunds Are Massive — And Hitting Balance Sheets

Major U.S. companies are seeing tariff refunds roll in, and the payouts are delivering a meaningful boost to reported earnings.

According to the Wall Street Journal, **Apple** (NASDAQ:AAPL) alone disclosed nearly $2.2 billion in refunds. The iPhone maker said the refunds added 11 cents per share to its most recent quarter’s earnings, about 5% of the quarter’s total.

Other big-name corporates are enjoying refunds, including:

-   **Nike** (NYSE:NKE), which reported $986 million
-   **FedEx** (NYSE:FDX), $800 million
-   **Amazon.com** (NASDAQ:AMZN) at $640 million and
-   **General Motors Co**.(NYSE:GM) at $500 million.

**Read Also: Space Earnings Week: 1 Blowout Beat, 2 Ugly Misses and a Lot of Optimism**

## Apple Faces Analyst Downgrade

-   Apple’s stock is under pressure following a downgrade from Jefferies, which shifted its rating to Underperform from Hold and reduced its price target to $263.66 from $285.56.
-   This new target implies approximately 16% downside from current levels, as reported Monday.

## Gene Munster’s Bullish Outlook

-   Despite the downgrade, **Gene Munster** remains optimistic about Apple’s prospects. He believes the stock is undervalued and anticipates a strong upgrade cycle for high-end iPhones, which could boost average sale prices. Apple has released minimal details about the iPhone18, which is why one expert thinks investors may be overreacting to supply chain concerns.
-   While Apple and other major companies are benefiting from tariff refunds, a broader analysis suggests that earnings growth for the S&P 500 may not be as robust as it appears, highlighting the importance of scrutinizing individual company results.

**Read Also: Wendy's Traders Smell a Buyout Cooking — Nelson Peltz Preps a Bid**

_Image: Shutterstock_

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