The government is on the hook to refund $134 billion – and counting – worth of tariff revenue collected from President Donald Trump’s most sweeping tariffs, which were rendered illegal by the Supreme Court last week.
How much of that will consumers, who paid for steep tariffs via higher prices, get back?
Almost certainly nothing.
That’s because consumers paid for tariffs indirectly: They’re mostly not the ones making the actual payment to the government. When – and perhaps if – any funds are returned, they’ll go to what’s known as the importer of record, i.e., the party that paid the initial tariff bill.