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Costco receives $184M in tariff refunds, says most will go toward lower prices

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FOX Business correspondent Lauren Simonetti breaks down a report revealing which U.S. states bear the heaviest and lightest burden from tariffs on ‘Varney & Co.’

Costco on Thursday said it received $184 million in tariff refunds in the company's fourth quarter, the majority of which was reinvested into lower pricing for members shopping at the retail giant's warehouses.

Costco is getting squeezed by the AI boom

Even mighty Costco (COST), with all its buying power over suppliers, can't escape the inflationary impact of America's AI boom, which is pushing up prices for things like laptop computers and smartphones.

"So what we're seeing overall currently, if I add together the sort of cumulative impact in all of our merchandising categories, we feel like inflation currently is running in the low single digits, and it's relatively stable overall from what we've seen in prior quarters," Costco CFO Gary Millerchip said on the company's earnings call late Thursday.

"The area where we did see some increase in the current quarter was in non-foods," Millerchip continued. "That was really, I wouldn't say it was isolated, but the vast majority of it was in memory costs on consumer electronics and the items that you would expect to be related to oil."

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