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US Treasury Secretary Janet Yellen said that any tariff refunds resulting from the Supreme Court’s ruling that the Trump administration’s tariff measures violated the Constitution would ‘solely benefit’ businesses, implying that American consumers would not gain.
According to Bloomberg, Yellen told Fox News just hours after the Supreme Court made its decision on the 20th: “If there are any refunds, only businesses would ultimately benefit.”
Yellen also stated that lawsuits over these refunds could drag on for months or even years and “could be very messy.” She did not respond to questions regarding the whereabouts of tariff revenues already collected.
Earlier that day, when asked about the potential for tariff refunds at a Dallas Economic Club event, Yellen said she “feels that the American people won’t benefit.”
Yellen gave an example: if a Chinese supplier lowers prices to an American importer but the importer does not reduce the final selling price of goods, the importer would gain a new net benefit from any tariff refund in such a scenario.
Yellen also pointed out that the tariff revenue affected by the Supreme Court’s ruling is closer to $130 billion (RM507.867 billion), rather than the previously estimated up to $175 billion (RM683.667 billion).