RELIEF Act

The RELIEF Act, introduced on February 26, 2026, by Rep. Horsford (D-NV) and 64 cosponsors, is a bill to mandate refunds of all tariffs and duties collected under the International Emergency Economic Powers Act (IEEPA) since January 1, 2025. IEEPA is the legal authority used to impose tariffs on Chinese imports and other countries during the Trump administration. The bill has been referred to the House Committee on Ways and Means, the first step in the legislative process. As an early-stage bill with all-Democratic sponsorship in a Republican-controlled House, its odds of passing are low. No companion bill exists in the Senate. The bill does not authorize any new spending; it directs a refund of already-collected revenue, so the funding amount is zero. However, the economic impact is significant: U.S. importers have paid billions in IEEPA tariffs since 2025, and refunds would directly increase their net income. The mechanism is straightforward: CBP must liquidate or reliquidate entries and refund without requiring importers to file applications. The primary beneficiaries are companies with high import exposure, particularly retailers and manufacturers that source from China and other targeted countries. Walmart (WMT), Apple (AAPL), and Nike (NKE) are among the largest U.S. importers and stand to gain substantial refunds. The legislative path is uncertain: the bill must pass Ways and Means, the full House, the Senate, and be signed by the President. Given the current political dynamics, passage is unlikely in the near term. However, if the bill gains momentum (e.g., through committee hearings or cosponsor additions), investors should watch for potential upside in import-heavy stocks.