Trump: "I will remember" those companies that do not seek tariff refunds.

```

After the U.S. Supreme Court ruled that Trump’s unilateral tariff hikes were illegal, whether companies apply for tax refunds is turning into a game of politics and business interests.

On Tuesday, Trump stated in a CNBC interview that he would "remember" those companies that choose not to apply for tariff refunds, calling the move "very smart." This remark came a day after the U.S. Customs and Border Protection (CBP) opened its refund application portal—covering potential refund amounts exceeding $160 billion.

To date, major companies like Apple and Amazon have not submitted refund applications, and the market generally believes these firms are weighing the political risks that applying for refunds may trigger.

For retailers, the refund amounts constitute substantive financial benefits. Levi Strauss expects to receive about $80 million in refunds, and retailers like Gap have also said they will benefit. As the refund process advances, these companies are likely to raise their full-year performance outlook.

Trump Pressures: Those Who Don't Apply Will Be "Remembered"

On Tuesday’s CNBC program, Trump was asked about major companies such as Apple and Amazon not applying for refunds, and whether they were avoiding it intentionally for fear of "offending" him.

Trump responded that if they don’t do it, that’s very smart. He further said if they don’t do it, it shows they understand him very well. "I am deeply honored by what you just said. If they don’t do it, I will remember them."

These statements essentially send a clear signal to businesses: applying for refunds might impact their relationship with the White House. In the current climate of highly uncertain trade policies, this implicit pressure is hard to ignore for large companies that rely on government policy.

Supreme Court Ruling and Trump's Dissatisfaction

The opening of the refund window comes from the Supreme Court’s 6-3 majority ruling that Trump’s unilateral tariff hikes under the International Emergency Economic Powers Act (IEEPA) were illegal.

Trump again expressed dissatisfaction with the ruling, complaining that the court’s decision did not state anywhere that "you don’t have to return the tariffs already collected." "So, frankly, I am not satisfied with the Supreme Court," he said.

This attitude shows that despite the judicial decision taking effect, the Trump administration’s position on refunds remains ambiguous, and this ambiguity itself is influencing corporate decision-making.

Retailers Face Substantial Financial Impacts

For U.S. retailers that have been under trade war pressure for years, potential refund amounts are significant.

Levi Strauss CFO Harmit Singh said earlier this month to CNBC that his company expects to get about $80 million in refunds from tariffs paid on denim and other apparel imported from around the world.

Gap CFO Katrina O’Connell, during the company’s Q4 earnings release in March, stated, "The impact of tariffs on our performance is significant." She also pointed out, "As importers, we are actively seeking clear answers to confirm whether we can recognize refund gains. But the situation is still changing; whether refunds will ultimately be achieved, when, and in what manner, remains unclear." O’Connell said the company has not included refund gains in its performance outlook but is closely monitoring the issue, "because it could be very important for us."

Several retailers recently reporting earnings have also not factored the Supreme Court’s ruling or potential refunds into their financial guidance. As the refund process progresses, these companies may have room to upgrade their full-year financial outlook.

Risk Warning and DisclaimerThe market carries risk; investment must be cautious. This article does not constitute personal investment advice and has not considered individual users’ specific investment targets, financial situation, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article suit their particular circumstances. Investing according to this article is at your own responsibility. ```