Trillions of dollars in tariff refunds begin! Trump advises U.S. companies to abandon their applications: I will remember you.

Gold Finance News reported that on April 22, U.S. President Trump said Tuesday that he would remember those companies that abandoned their requests for refunds of tariffs they had already paid after the U.S. Supreme Court ruled their large-scale tariff actions illegal. “If they don’t do (apply for a refund), that would be very wise. If they give up the application, I will remember them,” Trump said when asked on a program whether companies like Amazon and Apple should be granted refunds for tariff refund requests deemed illegal. This year in February, the U.S. Supreme Court ruled that Trump’s actions of imposing so-called “reciprocal tariffs” on imports from almost all countries under the International Emergency Economic Powers Act (IEEPA) were illegal.
This ruling paved the way for the largest government refund in U.S. history, and the refund task is extremely complex. In terms of scale, this tax refund is expected to involve more than 53 million import customs declarations. Just one day before Trump made the remarks above, U.S. Customs and Border Protection (CBP) officially launched a tariff refund system, with the total refund amount possibly exceeding $160 billion (roughly 1.09 trillion RMB). However, the entire refund process still remains full of uncertainty. Thousands of companies have submitted applications. Wall Street expects that if the refunds are successfully issued, large retailers could become the main winners. (Dongxin News)