Here’s How Some Footwear Companies Are Using Tariff Refunds
Published . Updated .
Key takeaways
- Shoe firms and footwear retailers are mostly using IEEPA refunds for corporate purposes, but a few are using a portion to help with price reductions.
- Exposed: XLI, XRT, NKE, CAT, DE
- Market reaction: XRT −1.3% on the day (still updating); XLI +0.8% on the day (still updating); CAT +1.8% on the day (still updating)
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Shoe firms and footwear retailers are mostly using IEEPA refunds for corporate purposes, but a few are using a portion to help with price reductions.
Directly affected
- No company is named in this report.
Indirectly affected
- XLI Industrial Select Sector SPDR-0.2% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- NKE Nike+8.2% 30d
Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- WMT Walmart+20.2% 30d
Walmart (variety stores): retailers move with shopper spending and import costs. Linked by “retailer” (retail and consumer goods) in this story.
- CAT Caterpillar-27.9% 30d
Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- AMZN Amazon.com+8.7% 30d
Amazon.com (catalog and mail-order houses): retailers move with shopper spending and import costs. Linked by “retailer” (retail and consumer goods) in this story.
- DE Deere+0.1% 30d
Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- COST Costco Wholesale+17.1% 30d
Costco Wholesale (variety stores): retailers move with shopper spending and import costs. Linked by “retailer” (retail and consumer goods) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLI | +0.40% | -3.60% | base | +0.79% | after close | after close | after close |
| XRT | +1.39% | -3.19% | base | -1.26% | after close | after close | after close |
| NKE | +4.73% | -0.18% | base | -1.45% | after close | after close | after close |
| WMT | +2.97% | -0.02% | base | -1.30% | after close | after close | after close |
| CAT | +1.14% | -4.42% | base | +1.79% | after close | after close | after close |
| AMZN | -1.76% | -4.23% | base | -1.61% | after close | after close | after close |
| DE | -1.67% | -2.10% | base | +0.06% | after close | after close | after close |
| COST | -1.85% | -1.20% | base | +1.05% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Here’s How Some Footwear Companies Are Using Tariff Refunds WWD
Source: WWD
The price since 10 Nov 2026: Select Sector Spdr Tr (XLI) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| AMZN | that day | -1.61% | still updating |
| AMZN | three days earlier | -4.23% | final price |
| AMZN | five days earlier | -1.76% | final price |
| Caterpillar (CAT) | that day | +1.79% | still updating |
| Caterpillar (CAT) | three days earlier | -4.42% | final price |
| Caterpillar (CAT) | five days earlier | +1.14% | final price |
| COST | that day | +1.05% | still updating |
| COST | three days earlier | -1.20% | final price |
| COST | five days earlier | -1.85% | final price |
| Deere (DE) | that day | +0.06% | still updating |
| Deere (DE) | three days earlier | -2.10% | final price |
| Deere (DE) | five days earlier | -1.67% | final price |
| Nike (NKE) | that day | -1.45% | still updating |
| Nike (NKE) | three days earlier | -0.18% | final price |
| Nike (NKE) | five days earlier | +4.73% | final price |
| Walmart (WMT) | that day | -1.30% | still updating |
| Walmart (WMT) | three days earlier | -0.02% | final price |
| Walmart (WMT) | five days earlier | +2.97% | final price |
| Select Sector Spdr Tr (XLI) | that day | +0.79% | still updating |
| Select Sector Spdr Tr (XLI) | three days earlier | -3.60% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | +0.40% | final price |
| Spdr Series Trust (XRT) | that day | -1.26% | still updating |
| Spdr Series Trust (XRT) | three days earlier | -3.19% | final price |
| Spdr Series Trust (XRT) | five days earlier | +1.39% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Nike (NKE), worth $15,001 - $50,000 on 28 Aug 2026. That is 74 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Gilbert Cisneros sold Nike (NKE), worth $15,001 - $50,000 on 27 Aug 2026. That is 75 days before publication. Filed 10 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, sold Nike (NKE), worth $100,001 - $250,000 on 21 Aug 2026. That is 81 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Walmart (WMT) (held by a dependent child), worth $15,001 - $50,000 on 13 Oct 2026. That is 28 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Rohit Khanna sold Walmart (WMT) (held by a spouse), worth $1,001 - $15,000 on 7 Oct 2026. That is 34 days before publication. Filed 5 Nov 2026. View the filing.
- Rep. Pete Sessions sold Walmart (WMT) (held by a spouse), worth $50,001 - $100,000 on 2 Oct 2026. That is 39 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 43 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN), worth $15,001 - $50,000 on 27 Oct 2026. That is 14 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN) (held by a spouse), worth $100,001 - $250,000 on 2 Oct 2026. That is 39 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Amazon Com (AMZN) (held by a spouse), worth $1,001 - $15,000 on 28 Aug 2026. That is 74 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Pete Sessions sold Costco Wholesale (COST), worth $100,001 - $250,000 on 13 Oct 2026. That is 28 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Costco Wholesale (COST) (held by a spouse), worth $1,001 - $15,000 on 12 Oct 2026. That is 29 days before publication. Filed 5 Nov 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Select Sector Spdr Tr (XLI)
Companies carried with this story
- XLI Select Sector Spdr Tr
Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Here’s How Some Footwear Companies Are Using Tariff Refunds.” Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- XRT Spdr Series Trust
Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Here’s How Some Footwear Companies Are Using Tariff Refunds.” Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- NKE Nike
For “Here’s How Some Footwear Companies Are Using Tariff Refunds,” Nike (NKE) is linked, with no stored direction, medium confidence. Reason on file: Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- CAT Caterpillar
In “Here’s How Some Footwear Companies Are Using Tariff Refunds,” Caterpillar (CAT) is linked, with no stored direction, medium confidence. Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- DE Deere
Deere (DE) is linked, with no stored direction, medium confidence in the 10 Nov 2026 story “Here’s How Some Footwear Companies Are Using Tariff Refunds.” Reason on file: Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- WMT Walmart
In “Here’s How Some Footwear Companies Are Using Tariff Refunds,” Walmart (WMT) is linked, with no stored direction, medium confidence. Reason on file: Walmart (variety stores): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
How “Here’s How Some Footwear Companies Are Using Tariff Refunds” reaches Select Sector Spdr Tr (XLI)
“Here’s How Some Footwear Companies Are Using Tariff Refunds” (10 Nov 2026) reaches Select Sector Spdr Tr (XLI) through this story.
Select Sector Spdr Tr (XLI) is on the page because Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
Also listed, Spdr Series Trust (XRT): SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
Price levels for Select Sector Spdr Tr (XLI)
NKE traded between 34.10 and 40.16 across 20 sessions. The latest close on file is 38.67. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.
How strong the case is around Select Sector Spdr Tr (XLI)
46 out of 100Price not final
“Here’s How Some Footwear Companies Are Using Tariff Refunds” scores 46 out of 100. The score uses 1 sources, and 6 linked companies. The price is not final yet.