Apr 25, 2026
An elephant never forgets.
With many U.S. companies in a position to claim a refund over Donald Trump’s unilaterally-imposed tariffs, the president seems to have delivered a message to businesses throughout the country.
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Two months after the U.S. Supreme Court ruled that many of Trump’s reciprocal tariffs were illegal, U.S. Customs and Border Patrol opened a portal for businesses to claim their share of the more than $160 billion that’s been earmarked for tariff refunds, CNBC reports (1).
On April 21, Trump was asked about the refunds, particularly the big companies that haven’t filed their requests — like Amazon and Apple — and a reporter who asked the question seemed to insinuate that these companies could be worried about “offending” the president.
Trump, who seemed to be delighted with the idea that big businesses may potentially fear him, said he won’t soon forget about these companies.
“Brilliant if they don’t do that [claim a tariff refund],” Trump told CNBC (1). “Actually, if they don’t do that, they’ve got to know me very well. I’m very honored by what you just said. If they don’t do that, I’ll remember them.”
Some companies are claiming their refunds
While Trump says he won’t forget the companies that don’t claim their refund, it’s safe to assume he’ll also remember the ones that do.
Take Levi Strauss, for example. As CNBC reports, in early April, Chief Financial Officer Harmit Singh said the company will claim its refund and expects to receive approximately $80 million after paying tariffs on imported denim, among other items.
Gap Inc., which owns its namesake brand as well as Banana Republic, Old Navy and Athleta, also plans to claim its refund, though the company withheld the specific amount.
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“We’ve been clear that the tariff impact has been significant to our performance,” Gap CFO Katrina O’Connell shared with CNBC (1). “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.”
To get a sense of which businesses are planning to issue tariff credits or rebates to consumers, Money reached out to 19 different companies. However, only three replied, and all of them — UPS, FedEx and DHL — are in the logistics industry.
“Some customers paid duties on shipments for which those shippers acted as the importers of record,” Money reported (3). “The three companies say that money will be given back when and if they receive it.”
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SCOTUS rules Trump’s tariffs are illegal
On February 20, the U.S. Supreme Court ruled that the tariffs Trump imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful.
“In an opinion authored by Chief Justice Roberts, the Court held that IEEPA does not give the President authority to impose tariffs,” according to Congress (2).
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Trump expressed his disappointment with the decision.
“I’m not happy with the Supreme Court, I’ll be honest with you,” Trump shared with CNBC (1).
When asked about the companies that aren’t planning to claim their refunds, Trump once again underscored the Supreme Court’s 6-3 decision that ultimately invalidated the tariffs. The ruling, as the president noted to CNBC, did not include anything that said, “You don’t have to pay back tariffs that have already been received.”
Many retailers that have recently reported earnings didn’t factor the Supreme Court’s decision, or potential relief, into their financial outlook. Retailers that stand to benefit from tariff refunds could bolster their financial outlook for 2026 should they claim them.
“We’ve not assumed that benefit in our outlook, but certainly we’re tracking it closely, realizing that it could be important to us,” O’Connell shared with CNBC.
Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CNBC (1); U.S. Congress (2); Money (3).
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Chase Kell is an associate editor for Moneywise.
