Target says $994 million tariff refund doubled Q2 operating income to $2.6bn

Target's nearly $1bn tariff refund highlights the earnings sensitivity of US importers to shifting trade policy and legal rulings, briefly improving reported profitability. However, continued and potentially expanded tariffs—including threatened levies on Canadian imports—keep uncertainty elevated around consumer prices, margins, and cross-border supply chains. The mix of retroactive rebates and ongoing duties can increase dispersion across retailers and broader risk assets.