Trump Encourages Companies Not to Seek Tariff Refunds

Source: Bloomberg

(Bloomberg) — President Donald Trump said he’d remember companies that decline to seek refunds on duties paid after the Supreme Court struck down a large swath of his tariffs.

“It’s brilliant if they don’t do that,” Trump said Tuesday on CNBC in response to a question about whether companies such as Amazon.com Inc. and Apple Inc. should request refunds on duties that have now been deemed unlawful. “If they don’t do that, I’ll remember them.”

In February, the Supreme Court ruled against Trump’s use of the International Emergency Economic Powers Act to impose so-called “reciprocal” tariffs on imports from nearly every country. That ruling set the stage for a complicated task that could become the largest repayment by the US government in its history.

Trump’s comments come a day after US Customs and Border Protection launched a web portal for importers to file requests for refunds that could total more than $160 billion. Yet, the process is still fraught with uncertainty.

Read more: https://www.msn.com/en-us/money/economy/trump-encourages-companies-not-to-seek-tariff-refunds/ar-AA21p6hb