President Donald Trump told CNBC on Tuesday that he will “gratefully remember” American companies that don’t ask for refunds for tariffs he unilaterally imposed, which were later ruled illegal by the Supreme Court.
Trump’s comments on “Squawk Box” came a day later US Customs and Border Protection opened a portal Importers would be seeking more than $160 billion in potential refunds for the so-called IEEPA tariffs.
He was asked about many big companies Apple And AmazonThose who have not filed requests for refunds for tariffs paid have not, presumably because they are concerned about “offending” Trump.
Asked if he would find it disrespectful to ask for a refund, Trump said, “If they don’t, that’s great.”
He added, “In fact, if they don’t, they might know me very well.” “I’m so honored by what you just said.”
“If they don’t do it, I’ll remember them,” Trump said.
The president complained again about the 6-3 Supreme Court decision that struck down those tariffs. He complained that the ruling did not include any sentence stating, “You will not have to pay the tariffs you have already received.”
“So, I’m not happy with the Supreme Court, I’ll be honest with you,” Trump said.
Major US retailers have been crushed by Trump’s trade war and would benefit materially from the refunds.
earlier this month, Levi Strauss Chief Financial Officer Harmit Singh told CNBC that the company expects to receive refunds of about $80 million for tariffs paid on imports of denim and other apparel items from manufacturers around the world.
DifferenceThe retail giant, whose brands include its namesake, Old Navy, Banana Republic and Athleta, also said it would benefit from a potential tariff refund, but did not disclose the amount when the company reported fourth-quarter earnings in March.
“We are clear that the tariff impact has been significant on our performance,” Gap CFO Katrina O’Connell told CNBC in March.
“As the importer of record, we are certainly working on gaining clarity on whether we can recognize refunds,” O’Connell said. “Because the situation remains uncertain as to how, when or whether any refunds will be received.”
“We haven’t factored that benefit into our outlook, but we’re certainly keeping a close eye on it, realizing it could be important for us,” he said.
Many retailers that have reported earnings in recent months also did not include the Supreme Court’s decision to strike down tariffs imposed by Trump in their guidance. International Emergency Economic Powers ActOr a possible refund from that decision.
As refunds begin to be processed, retailers stand to benefit and can boost their financial outlook for the year.
