Trump’s chaotic tariffs are estimated to have cost American families roughly $1,700 each, giving large corporations cover to price-gouge consumers 

Senators: “Any refunds from the federal government should be returned to the millions of Americans and small businesses that were illegally cheated out of their hard-earned money.” 

WASHINGTON, D.C. – Following the Supreme Court’s ruling last Friday that President Trump’s chaotic tariffs under the International Emergency Economic Powers Act (IEEPA) are illegal, U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, joined U.S. Senators Elizabeth Warren (D-Mass.) and Cory Booker (D-N.J.) in pressing President Trump on his failure to plan to deliver refunds to the American people. 

On Friday, the Supreme Court struck down most of the costly tariffs that President Trump imposed last year, ruling that $175 billion in tariffs were collected illegally. Roughly 95% of tariff costs have been passed down to American families and small businesses in the form of higher prices, estimated to have cost families an average of $1,700 each. Following Friday’s Supreme Court decision, President Trump announced a new Executive Order imposing a 10% global tariff. 

“Any refunds from the federal government should be returned to the millions of Americans and small businesses that were illegally cheated out of their hard-earned money. But it appears that you have no plans to refund these costs, and no idea how to do so,” wrote the lawmakers. 

Beyond imposing significant costs on American families directly, President Trump’s chaotic tariffs have also given cover to giant corporations that have price-gouged consumers by passing on price increases that are unconnected to tariffs. 

In a press conference immediately following Friday’s Supreme Court ruling, President Trump refused to agree to refund consumers, instead announcing that he would impose new tariffs to take even more money from the American people. Treasury Secretary Bessent smirked at the idea, saying he has “a feeling the American people won’t see it.” 

“Your inability or unwillingness to provide tariff refunds to American families would represent an egregious abdication of your responsibility as President — a giveaway to giant corporations that amounts to theft from the middle class,” wrote the lawmakers. 

The lawmakers pressed for more information by March 5, 2026, on the tariff refund windfall Trump owes the American people.  

Read and download the Senators’ full letter to President Trump. 

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