Summary
Democrats are asking for $1,700 in refunds for Americans who paid tariffs under President Trump's policies. The Supreme Court ruled that most of these tariffs were illegal, but how refunds will work is still unclear. Democrats introduced a bill to help get refunds to small businesses first.
Key Facts
- Democrats want Americans to receive refunds for tariffs paid, proposing $1,700 per household.
- New York Gov. Kathy Hochul and other Democratic state leaders are calling for tariff refunds to their states.
- The "Tariff Refund Act" is a bill proposed by Senate Democrats to prioritize refunding small businesses.
- Sen. Elizabeth Warren highlighted how tariffs increased business costs and prices for consumers.
- A Yale study estimated these tariffs increased consumer prices by 1.3%.
- The Supreme Court ruled the tariffs illegal but did not specify how to handle refunds.
- Economists expect the refund process to be lengthy, possibly taking up to 18 months.
- The Federal Reserve reported that 90% of the tariffs' economic burden affected U.S. firms and consumers.
