Earlier this year, the United States Supreme Court struck down President Donald Trump’s controversial tariff policy. After this Supreme Court ruling, the government was then ordered to pay back billions in tariff refunds to the various businesses that had paid extra for tariffed imports.
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That might leave many American consumers also wondering if they will receive some form of refund. After all, a number of businesses increased their prices to make up for the tariffs, which ultimately left shoppers (and their wallets) to absorb Trump’s tariffs.
Unfortunately, consumers aren’t likely to see any tariff refunds shared with them anytime soon.
The Reality of Tariff Refunds
As CNBC recently reported in their latest CFO Council quarterly survey (in 25 chief financial officers of major companies are polled), at least 12 of the 25 CFOs confirmed that their companies plan on applying to receive tariff refunds. However, absolutely none of the CFOs polled indicated that they would share the refunds with shoppers.
Of the 25 CFOs polled, 12 answered “not applicable” to the question of passing on any amount of refunds to American shoppers. Seven CFOs simply stated they were not sure what their companies would do. Meanwhile, six of the CFOs polled directly stated that their businesses did not plan to share any refund with their customers.
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While this quarterly survey isn’t a comprehensive confirmation that all no tariff refunds whatsoever will reach the hands of American shoppers, it does indicate a general mindset among financial officers that any refunds given should be kept by the businesses, rather than passed on to consumers.
This isn’t the only troubling tariff news for Americans; following the Supreme Court strikedown of President Trump’s tariffs, his proposed tariff rebates for most taxpaying citizens has also become increasingly unlikely, as the revenue needed to fund them will be used for the tariff refunds.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Trump’s Tariff Refunds: The One Major Reason You Won’t Benefit
