New York calls for $13.5B tariff refund

New York Governor Kathy Hochul has urged the Trump administration to refund $13.5 billion in tariffs following a recent U.S. Supreme Court ruling that invalidated the former president's extensive tariff policies. Imposed shortly after Trump returned to office, these tariffs, which he termed 'Liberation Day,' faced significant backlash from businesses and state officials due to their economic impact. Hochul highlighted that these tariffs have burdened New York households with an additional estimated cost of $1,751 over the past year, adversely affecting small businesses and farmers. She emphasized the need for a complete refund, labeling the tariffs as an unjust tax on consumers. Hochul's appeal aligns with similar calls from Illinois Governor JB Pritzker and California Governor Gavin Newsom, both of whom are also potential candidates for the 2028 presidential election. In contrast, the White House dismissed these demands, accusing the governors of seeking publicity rather than addressing substantial issues, while Treasury Secretary Scott Bessent indicated that the matter of tariff refunds would ultimately be resolved in lower courts. Economists from the Penn Wharton Budget Model have projected that over $175 billion in tariff collections could be eligible for refunds, further complicating the situation for the Trump administration.