Tariff refunds are a nightmare for Trump’s economy
Donald Trump’s second presidency began with a blaze of executive orders which horrified and impressed in equal measure. It also begged the question: if it really were so easy for a president to circumvent the legal obstacles and assert his will, how come none had behaved in this way before? A year on, we are learning the truth: no, a president can’t just do what he likes, and there is a horrible price to pay if he tries. In the case of Trump’s “Liberation Day” tariffs the notional bill is $166 billion. That is the sum that US Customs believes it will have to refund to importers who paid tariffs which were
