"Back in Massachusetts, I heard from all sorts of companies, from board game makers to baby stroller manufacturers, that tariffs made it more expensive to run their businesses and raise their prices. The truth is, you paid for Trump's disastrous economic policies."
"The 2025-26 tariffs imply an increase in consumer prices of 1.3% (1.2% without the Greenland tariffs) in the short run, assuming full passthrough of tariffs to consumers. This pre-substitution number captures consumer welfare effects and represents a short-run income loss of about $1,751 per household on average in 2025 dollars."
New York Governor Kathy Hochul and other Democratic state leaders are demanding the federal government refund tariff payments to residents. Twenty-five Senate Democrats introduced the Tariff Refund Act, requiring U.S. Customs and Border Protection to issue refunds prioritizing small businesses. The $1,700 refund figure derives from a Yale Budget Lab study indicating tariffs will increase consumer prices by 1.3% and create an average household income loss of $1,751. Democrats are using this refund proposal to counter Trump's tariff policies, which remain broadly unpopular. The refund process faces significant implementation challenges, with unclear eligibility criteria and distribution mechanisms.
Read at Axios
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