Summary
A new bill in Congress aims to give refunds to Americans for the extra costs they faced due to tariffs imposed by President Trump. The Supreme Court recently ruled these tariffs were illegal, emphasizing that Congress should set tariffs, not the president. The bill suggests refunds be calculated by the U.S. Treasury and comes with a parallel proposal in the Senate.
Key Facts
- Democratic Representative Jasmine Crockett introduced a bill called the Payback Act to refund Americans for tariff-related price increases.
- The Supreme Court ruled that Congress, not the president, has the power to impose tariffs, overturning tariffs imposed by President Trump.
- The Treasury Department would develop a formula to calculate and issue refunds if the bill passes.
- A separate proposal, the Tariff Refund Act of 2026, is in progress in the Senate to handle tariff refunds, potentially including interest.
- The White House opposes these refund efforts, stating that tariffs were used effectively during Trump's presidency.
- Supporters argue that the tariffs increased prices for consumers, so they should get their money back.
