'I'll remember them': Donald Trump thanks Apple, Amazon for not seeking tariff refunds

Earlier this year, the United States Supreme Court ruled that the tariffs President Donald Trump slapped on several countries under the International Emergency Economic Powers Act (IEEPA) were illegal. Now, his administration is preparing to refund more than $160 billion to several companies, with the U.S. Customs and Border Protection opening a portal for importers to seek potential refunds for tariffs. However, several major companies, including Apple and Amazon, have not yet sought refunds, and in doing so, earned praise from the President. "I think it's brilliant if they don't do that," Trump said. "If they don’t do that, I'll remember them, I will tell you that—because I'm looking to make this country strong." 

The President also claimed that the Supreme Court was not opposed to his tariffs, but that his administration had to implement them in a "different way." He, however, expressed displeasure with the Supreme Court for failing to put in any clause that would prevent his administration from repaying the tariffs. "Because of what they did, we have to pay back $160 billion. All they had to do is add one sentence, just one sentence, and that's you don't have to pay anything taken in thus far back," Trump said. "We're doing it a different way. We'll end up with bigger numbers, actually," he added.

While Apple and Amazon have not yet asked for tariff refunds, several other major companies are gearing up for a multi-billion-dollar payday. According to a CNBC report, Walmart is owed $10.2 billion, followed by Target, which is owed $2.2 billion. Nike could receive $1 billion, Kohl's $550 million, Gap $400 million, and Macy's $320 million. Walmart CFO John David Rainey, however, remains skeptical that the refund process will be swift. He said that the process was "complex" and that what happens in the future "remains to be seen."

The Trump administration is now looking at Section 301 tariffs, which are used against "discriminatory" or "unfair" trade. Treasury Secretary Scott Bessent said that these tariffs could be in place as soon as July. "We had a setback at the Supreme Court in terms of the tariff policy, but we will be implementing or conducting Section 301 studies, so the tariffs could be back in place at the previous level by the beginning of July," he said.