Trump Warns Apple, Amazon Over $166 Billion Tariff Refund Claims

Former President Trump’s warning introduces significant political risk for US importers seeking court-mandated tariff refunds, complicating an already fraught process.

Donald Trump issued a pointed warning to major US corporations like Apple and Amazon, suggesting he would “remember” those who claim their share of a $166 billion tariff refund program, injecting fresh political uncertainty into global trade dynamics. The former president’s comments directly target companies poised to reclaim billions of dollars following a Supreme Court decision that invalidated his use of emergency powers to impose the duties.

"If Amazon and Apple don't seek tariff refunds, that would be great," Trump said in a public statement. "I will remember those companies that do not seek tariff refunds."

The statement follows the launch of a government portal on April 20 to refund $166 billion in duties the Supreme Court deemed illegally collected under the International Emergency Economic Powers Act (IEEPA). The new system has already drawn criticism for its complexity, with only 63% of entries eligible in its first phase and major retailers like Walmart and Target anticipating a slow process for their estimated $10.2 billion and $2.2 billion rebates, respectively.

Trump's comments create a dilemma for public companies, forcing them to weigh their fiduciary duty to reclaim billions in cash against the risk of political retribution. The warning, coupled with the administration's immediate imposition of a new 10 percent tariff under the Trade Act of 1974, suggests a prolonged period of trade friction and legal battles regardless of the Supreme Court's ruling.

A Complex and Contested Refund Process

The U.S. Customs and Border Protection (CBP) opened the Consolidated Administration and Processing of Entries (CAPE) portal to comply with the February 20 Supreme Court ruling. However, the process is proving to be a logistical challenge. Over 330,000 importers are owed a total of $166 billion, but the initial phase of the refund program is limited to more recent and less complex cases.

Trade lawyers and consultants have advised clients to expect delays and potential technical glitches. “If there is an entry on that file that does not qualify, it may cause the entire entry to be rejected,” said Meghann Supino, a partner at law firm Ice Miller, highlighting the need for accuracy. The government’s own timeline suggests a 60 to 90-day processing period after a claim is accepted, a timeframe many in the import community view with skepticism.

The administration appears to be actively exploring ways to mitigate the massive payout. National Economic Council Director Kevin Hassett told Fox Business the administration is studying "alternative authorities that perhaps could reduce that number quite a bit." This sentiment adds another layer of uncertainty for importers, from small businesses that paid tens of thousands in duties to multinational corporations owed billions.

New Tariffs and Legal Frontiers

Immediately following the Supreme Court's rebuke of his IEEPA tariffs, Trump invoked Section 122 of the Trade Act of 1974—a statute never before used to impose tariffs—to apply a new 10 percent duty on imports. This move was swiftly challenged in court by a coalition of US states, who argue the president is unlawfully usurping Congress's constitutional authority to set taxes.

This legal maneuvering suggests that even if companies receive their full IEEPA refunds, they may face a new, legally ambiguous tariff regime. Treasury Secretary Scott Bessent indicated that the administration is also conducting Section 301 studies, which could result in tariffs being restored to their previous levels by early July. For companies like Austrian steelmaker Voestalpine, the potential multi-billion dollar rebate is being weighed against the prospect of new import taxes and volatile energy costs, creating a difficult planning environment.

The situation is further complicated by disputes over who is entitled to the refunds. The International Trade Surety Association has filed a court motion arguing that its members, who paid millions in duties on behalf of importers that defaulted, are being excluded from the CBP’s refund process, which currently directs payments only to importers and brokers. This could lead to further litigation, delaying the final settlement of the $166 billion in illegally collected funds.

This article is for informational purposes only and does not constitute investment advice.