President Donald Trump put corporate America on notice Tuesday, telling CNBC he would gratefully "remember" any company that declines to seek refunds for tariffs the Supreme Court struck down, a remark that landed just one day after U.S. Customs and Border Protection opened a portal for importers to reclaim more than $160 billion in duties collected under the International Emergency Economic Powers Act.
The president's comments, made on CNBC's "Squawk Box," came after reports that several large companies, including Apple and Amazon, had not yet filed requests for refunds they are legally entitled to collect. Trump framed the decision to forgo refunds as a sign of loyalty.
"Brilliant if they don't do that," Trump said. "Actually, if they don't do that, they've got to know me very well." He added: "If they don't do that, I'll remember them."
The backdrop is a 6-3 Supreme Court decision that voided the IEEPA tariffs, ruling that the statute did not grant the president authority to impose them. That decision forced the administration to stand up a refund mechanism for importers who had already paid. Trump made clear he was not pleased with the ruling.
"So, I'm not happy with the Supreme Court, I'll be honest with you," he told CNBC. He also asserted: "You don't have to pay back tariffs that have already been received."
CBP launched its Consolidated Administration and Processing of Entries, or CAPE, system on April 20 through the agency's Automated Commercial Environment portal. The Washington Examiner reported that the portal began accepting applications at 8 a.m. Monday, with approved claims expected to be paid within 60 to 90 days, including 45 days for CBP review and additional Treasury processing time.
The demand was immediate, and the system buckled. The New York Post reported that users were met with error messages on launch day as businesses scrambled for their share of roughly $166 billion in tariff payments. Echelon CEO Lou Lentine described seeing a message that read: "Cape Processing is currently experiencing high volumes. If you received an error, please try again in 30 minutes." Sara Albrecht of the Liberty Justice Center called the crash "pretty unsurprising."
The portal's troubled launch underscored the sheer scale of the refund effort. CBP said more than 330,000 importers had paid about $166 billion across more than 53 million shipments, though the first phase of refunds is limited to certain recent or not-yet-finalized tariff payments.
Just the News reported that tens of thousands of importers had already registered for refunds, representing about $127 billion in potential repayments. The outlet noted the refunds apply specifically to tariffs collected under IEEPA after the Supreme Court found the law did not authorize the president to impose them, while many other Trump tariffs remain in effect under separate legal authorities.
Trump's remarks highlighted a growing divide among major corporations. Apple and Amazon were identified as large companies that had not filed refund requests. Neither company's public rationale was detailed, but the implication in Trump's comments was clear: some firms may be reluctant to claim money they are owed for fear of souring their relationship with the White House.
That calculus is worth examining. When the president of the United States goes on national television and says he will "remember" companies that don't ask for their money back, the message carries weight, regardless of whether it is intended as praise or pressure. For publicly traded companies with fiduciary duties to shareholders, walking away from tens or hundreds of millions of dollars in legitimate refunds is not a small decision.
Other companies have taken a different path. Levi Strauss CFO Harmit Singh told CNBC earlier this month that the denim maker expects to receive around $80 million in refunds for tariffs it paid on importing apparel from manufacturers around the world. That is real money for a company of Levi's size, and the firm apparently saw no reason to leave it on the table.
The Supreme Court's ruling that the IEEPA tariffs were unconstitutional created a legal obligation for the government to return the money. Companies that paid those duties did so under a law the nation's highest court later found did not authorize the levies. The refund is not a favor, it is a legal consequence.
Gap offered a window into how retailers are navigating the political and financial crosscurrents. CFO Katrina O'Connell told CNBC in March that the tariff impact had been significant to the company's performance.
"As an importer of record, we're definitely working on gaining clarity on whether we can recognize a refund. Because the situation is fluid right now as to how, when, or whether any refunds will ultimately be realized."
O'Connell added that Gap had not assumed the refund benefit in its financial outlook but was "tracking it closely, realizing that it could be important to us." The company did not reveal a specific dollar figure when it reported fourth-quarter earnings in March.
Many retailers that reported earnings in recent months did not factor into their guidance either the Supreme Court's decision or potential refunds from the ruling. That caution may reflect genuine uncertainty about the timeline and mechanics of repayment, or it may reflect something else entirely.
The refund process, however large, does not signal the end of Trump's tariff agenda. Fox News reported that trade lawyer Michael Lowell of Reed Smith said tariffs are likely to continue because the administration is already using other legal tools, including Section 122, to impose new ones. "It's essentially a fast track for processing refunds," Lowell said of the CAPE system, adding that "Customs is estimating that refunds will be processed within 60 to 90 days after submission."
That distinction matters. The broader tariff strategy Trump has championed remains intact. The IEEPA tariffs were one legal vehicle; the administration has others. The Supreme Court closed one door. The White House is already walking through the next.
The Washington Times noted that the Supreme Court ruled 6-3 on February 20 that Trump lacked constitutional authority to impose the tariffs under IEEPA, and a later Court of International Trade ruling found affected companies were entitled to refunds. CBP said that if it approves a claim, it will take 60 to 90 days for a refund to be issued. The system will refund tariffs directly to the businesses that paid them, businesses that are not obligated to share the proceeds with customers.
That last point has already drawn legal attention. A federal lawsuit filed by a Costco member seeks to force the retailer to pass refunds along to consumers, raising the question of who ultimately benefits when billions in unlawful tariffs are returned to importers rather than the shoppers who paid higher prices.
Trump said on CNBC that he was "very honored" by the suggestion that some companies might forgo refunds out of loyalty. That framing, treating the forfeiture of shareholder money as a compliment, puts corporate boards in an awkward position. Directors owe duties to investors, not to any political figure. A company that voluntarily walks away from a lawful refund worth tens of millions of dollars will eventually have to explain that choice in a proxy statement or an earnings call.
The scale of the refund effort is staggering. More than $160 billion in potential repayments, tens of thousands of importers already registered, and a portal that crashed under the weight of first-day demand. Whatever individual companies decide, the money is real, the legal basis is settled, and the clock is running.
When the government collects money it had no legal authority to take, giving it back is not optional, it is the bare minimum. The only real question is whether every company with a valid claim has the nerve to file one.