President Donald Trump on Tuesday told CNBC that he will gratefully “remember” U.S. companies that do not seek refunds for the tariffs he unilaterally imposed, which the Supreme Court later ruled were illegal.
Trump’s comment on “Squawk Box” came a day after U.S. Customs and Border Protection opened a portal for importers to seek more than $160 billion in potential refunds for the so-called IEEPA tariffs.
He was asked about a number of large companies, among them Apple and Amazon, that have not filed requests for refunds for the tariffs they paid, potentially because they are worried about “offending” Trump.
Asked if he would find it offensive for them to seek a refund, Trump said, “Brilliant if they don’t do that.”
“Actually, if they don’t do that, they’ve got to know me very well,” he said. “I’m very honored by what you just said.”
“If they don’t do that, I’ll remember them,” Trump said.
The president again complained about the 6-3 Supreme Court decision that voided those tariffs. That ruling, he griped, did not include a sentence that said, “You don’t have to pay back tariffs that have already been received.”
“So, I’m not happy with the Supreme Court, I’ll be honest with you,” Trump said.
Major U.S. retailers have been crushed by Trump’s trade war and stand to benefit materially from refunds.
Earlier this month, Levi Strauss Chief Financial Officer Harmit Singh told CNBC that the company expects to receive around $80 million in refunds for tariffs it paid on importing denim and other apparel items from manufacturers around the world.
Gap, the retail giant whose brands include its namesake, Old Navy, Banana Republic, and Athleta, also has said that it stands to benefit from potential tariff refunds, but did not reveal an amount when the company reported fourth-quarter earnings in March.
“We’ve been clear that the tariff impact has been significant to our performance,” Gap CFO Katrina O’Connell told CNBC in March.
“As an importer of record, we’re definitely working on gaining clarity on whether we can recognize a refund,” O’Connell said. “Because the situation is fluid right now as to how, when, or whether any refunds will ultimately be realized.”
“We’ve not assumed that benefit in our outlook, but certainly we’re tracking it closely, realizing that it could be important to us,” she said.
Many retailers that reported earnings in recent months did not factor into their guidance either the Supreme Court’s decision to void the tariffs imposed by Trump under the International Emergency Economic Powers Act, or potential refunds from that ruling.
As refunds start being processed, retailers do stand to benefit and could end up raising their financial outlooks for the year.
