President Donald Trump told CNBC on Tuesday that he would “gratefully remember” U.S. companies for not seeking refunds for tariffs he unilaterally imposed, which the Supreme Court later ruled illegal.
President Trump’s comments about the “squawk box” came a day after U.S. Customs and Border Protection opened a portal for importers seeking potential refunds of more than $160 billion on so-called IEEPA tariffs.
He was asked about several large companies, including apple and Amazonhas not filed a request for refund of the duties it paid, presumably because it is concerned about “upsetting” President Trump.
When asked if he was uncomfortable asking for a refund, Trump said, “If you don’t want a refund, that’s great.”
“Actually, if they didn’t do that, they should know me better,” he said. “I am very honored by what you just said.”
“If they don’t, I’ll remember them,” Trump said.
The president again complained about the 6-3 Supreme Court decision that invalidated these tariffs. He complained that the ruling did not include the phrase “there is no need to repay customs duties already received.”
“That’s why I’m not happy with the Supreme Court. I’ll be honest with you,” Trump said.
Big U.S. retailers have been hurt by President Trump’s trade war and stand to benefit greatly from refunds.
Early this month, Levi Strauss Chief Financial Officer Harmit Singh told CNBC that the company expects to receive about $80 million in refunds for duties it paid on imports of denim and other apparel from manufacturers around the world.
gapThe retail giant, whose brands include Old Navy, Banana Republic and Athleta, also said it stands to benefit from potential tariff refunds, although it did not disclose the amount when it reported fourth-quarter results in March.
“It’s clear that the impact of tariffs is having a material impact on our results,” Gap Chief Financial Officer Katrina O’Connell told CNBC in March.
“As the importer of record, we are definitely working on clarifying whether a refund will be granted or not,” O’Connell said. “This is because the situation remains fluid at this time as to when and how refunds will ultimately be realized.”
“While we are not assuming that benefit into the outlook, we certainly recognize that it could be material to us and are tracking it closely,” she said.
Many retailers that have reported profits in recent months did not factor into their guidance the Supreme Court’s decision to invalidate President Trump’s tariffs under the International Emergency Economic Powers Act, or the possibility of refunds.
Retailers will benefit once refunds start being processed, which could ultimately raise their financial outlook for this year.
