State Treasurers Press Trump to Extend $35.5 Billion Tariff Refunds to Consumers
Updated
Updated · Forbes · May 12
State Treasurers Press Trump to Extend $35.5 Billion Tariff Refunds to Consumers
1 articles · Updated · Forbes · May 12
$35.5 billion in tariff refunds had been paid by Monday, but Democratic treasurers from eight states told Trump the process unfairly excludes households that absorbed higher prices.
Their letter urges the administration to disclose every importer seeking and receiving refunds and to expand reimbursements beyond companies to consumers and small businesses.
Importers began receiving money last week through a court-ordered portal, and the government says about $166 billion is eligible for repayment before interest.
Consumers largely must rely on voluntary company repayments or class actions against firms including Costco, Nike, Nintendo and IKEA, with only a few companies such as FedEx, UPS and Cards Against Humanity offering refunds.
The dispute follows the Supreme Court's 6-3 ruling that Trump's IEEPA tariffs were unlawful; Trump has attacked the paybacks while separate 10% global tariffs remain in effect during appeal.
Billions in tariff refunds are going to importers. Will consumers who paid higher prices ever see a dime?
A $100 billion secondary market for tariff refunds has emerged. Who is truly profiting from this complex system?