"I'll Remember Them": Trump Pressures Companies Not to Claim $175 Billion in Tariff Refunds the Supreme Court Says They're Owed

On April 21, 2026, President Trump praised companies that have not requested refunds of the tariffs the Supreme Court ruled were unconstitutionally imposed — and warned the ones considering it:

"I'll remember them."

He called companies that forgo their refunds "brilliant" and made clear he would be keeping track of who asks for money back and who doesn't.

The background

On February 20, 2026, the Supreme Court ruled 6–3 in Learning Resources, Inc. v. Trump that the International Emergency Economic Powers Act (IEEPA) does not authorize the president to impose tariffs. Chief Justice Roberts wrote that interpreting "regulate" to include the power to tax would render IEEPA "partly unconstitutional," since the Constitution gives the taxing power to Congress, not the president.

Every tariff imposed under IEEPA — including the "Liberation Day" levies and all country-specific reciprocal duties — was declared invalid from the moment it was first collected.

The scale

The refund portal opened on April 20, 2026. What's at stake:

• $175 billion in total refunds (Penn Wharton estimate)
• $166 billion across 53 million shipments from 330,000+ importers (CBP estimate)
• Walmart: owed an estimated $10.2 billion
• Target: $2.2 billion
• Nike: $1 billion
• Kohl's: $550 million
• Gap: $400 million
• Macy's: $320 million

What Trump is actually doing

The president is using implicit threats — "I'll remember them" — to discourage American businesses from claiming money the Supreme Court says they are legally owed. This is:

• Coercion against a legal right. The refunds aren't a favor — they're the remedy for unconstitutional taxation. The Supreme Court already ruled. The money was taken illegally.
• A loyalty test masquerading as patriotism. "Brilliant" companies that forgo billions they're owed will be "remembered" — meaning they'll get favorable treatment. Companies that exercise their legal rights will be... remembered differently.
• Pressure on corporate boards. A CEO's legal obligation is to shareholders. Forgoing a $10 billion refund because the president threatened you is a breach of fiduciary duty. But claiming it risks regulatory retaliation from an administration that has shown it will punish disloyalty.

The underlying absurdity: Trump imposed tariffs the Supreme Court said he had no constitutional authority to impose, collected $175 billion illegally, lost the case 6–3, and is now pressuring the victims of his unconstitutional policy to let him keep the money.

Trump's administration has separately announced it would reimpose tariffs under Section 122 — a different legal authority — to replace the ones the Court struck down. So the message to companies is: don't claim the refund for the illegal tariffs, because I'm going to impose new ones anyway. The cycle of unconstitutional taxation followed by threats against those who seek redress is, as a legal matter, extraordinary.