President Donald Trump said he will “remember” companies that forgo refunds on now-illegal IEEPA tariffs, after Customs opened a portal to claim more than $160 billion—a move that could materially aid major retailers.
President Donald Trump on Tuesday said he will “remember” U.S. companies that do not seek refunds for tariffs he imposed under the International Emergency Economic Powers Act, a regime the Supreme Court later struck down.
His comments came a day after U.S. Customs and Border Protection opened a portal for importers to seek more than $160 billion in potential refunds linked to those so‑called IEEPA tariffs, according to CNBC. In an interview on CNBC’s Squawk Box, Trump called it “brilliant” if companies choose not to file claims and added, “If they don’t do that, I’ll remember them.”
Trump also criticized the Supreme Court’s 6-3 decision voiding the tariffs and, in his words, for not including a line that would have allowed the government to keep money already collected. “I’m not happy with the Supreme Court,” he said.
CNBC reported that some large companies, including Apple and Amazon, had not yet filed refund requests as of Tuesday. The scale of the potential payouts is significant for retailers that absorbed higher costs during the trade fight. Levi Strauss’s finance chief said earlier this month the company expects around $80 million in refunds tied to duties it paid on imported apparel. Gap has said it could benefit but is still assessing whether, when or how any refunds can be recognized, and has not built them into its outlook.
The precise total at stake remains fluid. While CNBC put potential refunds at more than $160 billion, other outlets have cited a figure around $166 billion. What is clear is that the refunds, once processed, could materially change full‑year guidance for companies with heavy import exposure.
What remains unclear is how quickly Customs will process claims and how many firms will ultimately pursue them. Many companies did not factor the Supreme Court ruling or possible refunds into recent earnings guidance, and finance chiefs have emphasized the need for clarity on timing and recognition before updating forecasts.
For now, companies face a choice: file for refunds on duties the court deemed illegal or hold back—potentially preserving goodwill with the White House as Trump signaled he is keeping score.
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