By Maribel Velazquez
donald trump returned to the center of the debate after suggesting that will “remind” companies that decide not to claim refunds duty that his own administration imposed and that were later declared illegal by the Supreme Court.
According to information released by CNBC, the president’s statements were made on the “Voice Box” program, one day after the Customs and Border Protection (CBP) will enable a portal for importers to request refunds that could exceed 160 billion dollars.
The Supreme Court, in a 6-3 vote, ruled that the so-called IEEPA tariffs — imposed under the International Emergency Economic Powers Act — were illegal. This opened the door for hundreds of companies affected by the trade war recover resources which directly impacted their operating costs.
However, Trump made it clear that he does not welcome companies demanding that money.
“It would be great if they didn’t”he said when asked about large corporations that have not yet requested refunds. “If they don’t do it, it’s because they know me very well… I will remember them,” he added.
Companies like Apple and Amazon They are among those who, so far, have not submitted applications, which has generated speculation about whether they are seeking to avoid tensions with the administration.
The economic impact of these tariffs has been significant, especially in the retail sector. Signatures like Levi Strauss & Co. estimate they could recover tens of millions of dollars. Its chief financial officer, Harmit Singh, told CNBC that they expect around $80 million in returns.
In the same line, Gap Inc. has acknowledged that tariffs affected its performance financial.
“We have made it clear that the impact has been significant,” said its CFO, Katrina O’Connell, who also warned that there is still uncertainty about how and when the refunds will be made.
Trump himself openly criticized the court decision. “To be honest with you, I’m not happy with the Supreme Court.“, he declared, questioning that the ruling did not clarify whether the government should return the resources already collected.
Beyond political discourse, it is believed that the return process could modify financial projections from multiple companies in the coming months. As refunds begin to flow, companies affected by the trade war could regain liquidity and improve their results.
Keep reading:
- Senator Alex Padilla demands return of illegal tariffs charged by Trump
- New York judge rules companies entitled to refunds for Trump tariffs
