On April 21, 2026, President Donald Trump stated he would 'remember' U.S. companies that do not seek refunds for tariffs he imposed under the International Emergency Economic Powers Act (IEEPA), which were recently ruled illegal by the Supreme Court in a 6-3 decision [1]. Trump made these remarks following the opening of a U.S. Customs and Border Protection portal for importers to claim more than $160 billion in potential tariff refunds [1]. Major companies such as Apple (AAPL) and Amazon (AMZN) have not yet requested refunds, possibly due to concerns about offending Trump, who commented, 'Brilliant if they don't do that... If they don't do that, I'll remember them' [1].
The Supreme Court's ruling voided the tariffs but did not explicitly state that previously collected tariffs must be refunded, a point Trump criticized, expressing dissatisfaction with the Court's omission [1]. Retailers impacted by the tariffs, including Levi Strauss and Gap, stand to benefit materially from the refunds. Levi Strauss CFO Harmit Singh reported the company expects to receive approximately $80 million in refunds for tariffs paid on imported denim and apparel [1]. Gap CFO Katrina O'Connell noted the significant impact of tariffs on performance and stated the company is working to clarify whether it can recognize a refund, though Gap has not included potential refunds in its financial outlook due to ongoing uncertainty [1].
Many retailers have not factored the Supreme Court's decision or potential refunds into their earnings guidance, but as refunds are processed, they could revise their financial outlooks upward for the year [1]. The situation remains fluid, with companies closely monitoring developments and the possibility of substantial financial benefits from tariff refunds [1].
CONCLUSION
President Trump's comments and the Supreme Court's ruling on IEEPA tariffs have created a significant opportunity for U.S. companies to claim refunds, potentially impacting their financial performance. While some major firms have yet to act, retailers like Levi Strauss and Gap are poised to benefit materially. The market is likely to see positive adjustments as refunds are processed and companies update their outlooks.