Trump Says He Will ‘Remember’ Companies That Forgo IEEPA Tariff Refunds
Why It Matters
President Donald Trump’s remarks signal that the White House may view corporate decisions around tariff refunds as a loyalty test, creating a politically charged environment for major U.S. companies weighing whether to recoup billions of dollars in tariff costs ruled illegal by the Supreme Court. The implications touch the broader national economy, corporate bottom lines, and the ongoing tension between executive trade authority and judicial oversight.
What Happened
President Trump, speaking on CNBC’s Squawk Box on Tuesday, said he will “remember” companies that choose not to seek refunds for tariffs he imposed under the International Emergency Economic Powers Act — levies the Supreme Court later struck down in a 6-3 ruling.
The president’s comments came one day after U.S. Customs and Border Protection opened an online portal allowing importers to apply for refunds. When asked whether he would take offense at companies seeking refunds, Trump said, “Brilliant if they don’t do that.” He added, “If they don’t do that, I’ll remember them.”
Trump also expressed frustration with the Supreme Court’s decision, saying the ruling should have included language specifying that already-collected tariffs did not need to be returned. “I’m not happy with the Supreme Court, I’ll be honest with you,” Trump said.
Several large companies — including Apple and Amazon — have not yet filed refund requests, with reports suggesting some firms may be reluctant to act out of concern over the political optics of appearing to challenge the administration.
By the Numbers
$160 billion — the estimated total in potential refunds available to importers through the Customs and Border Protection portal.
$80 million — the amount Levi Strauss expects to receive in tariff refunds for duties paid on denim and other apparel imports, according to the company’s Chief Financial Officer Harmit Singh.
6-3 — the Supreme Court margin in the ruling that voided the IEEPA tariffs imposed by the Trump administration.
Multiple major retailers, including Gap — whose brands include Old Navy, Banana Republic, and Athleta — have acknowledged potential refund eligibility but have not incorporated expected refund amounts into their financial guidance.
Zoom Out
The Supreme Court’s decision to strike down the IEEPA tariffs represents one of the most significant checks on presidential trade authority in recent decades, limiting a tool the administration had used broadly to impose duties on goods from countries across the globe. The ruling forced companies that had already adjusted supply chains, raised prices, or absorbed costs to reconsider their financial forecasts.
For American retailers, the tariff burden has been substantial. Gap CFO Katrina O’Connell acknowledged in March that “the tariff impact has been significant to our performance,” while noting the company was still seeking clarity on whether and when refunds could be recognized. Many firms that reported earnings in recent months deliberately excluded potential refund benefits from their forward guidance, citing ongoing uncertainty.
The broader trade environment continues to weigh on U.S. consumers and businesses. Gas prices have surpassed $4 per gallon in 18 states, adding further pressure on household budgets already strained by elevated import costs. Meanwhile, the U.S. economy added 178,000 jobs in March, beating forecasts, suggesting some resilience despite trade headwinds.
Across the country, retailers that kept tariff refund assumptions out of their guidance could see meaningful upward revisions to their outlooks if refunds are processed in full — a development that could provide a notable boost to corporate earnings later in 2026.
What’s Next
With the CBP refund portal now active, companies face a practical and political decision: file for refunds they are legally entitled to, or forgo the funds in an apparent bid to preserve goodwill with the administration. Legal and financial advisors across the retail and manufacturing sectors are expected to counsel clients on the risks and benefits of each path.
Gap and other large retailers have indicated they are actively monitoring the situation and will adjust their outlooks accordingly if refunds are confirmed. The administration has not indicated it will take any formal action against companies that do choose to file claims, but Trump’s public remarks are expected to factor into corporate deliberations in the weeks ahead.