The Trump administration collected $166 billion in tariff payments before the Supreme Court struck them down. Refunds have already started hitting the bank accounts of US importers—and more could be owed soon.

As more than 300,000 companies scramble to get their money back, one large group is getting stiffed: American consumers.

After President Donald Trump imposed sweeping, indiscriminate tariffs on so-called “Liberation Day” last year, companies moved swiftly to pass on their higher prices to consumers. Consumers, already facing an affordability crisis—and reporting historic dissatisfaction with the economy—paid those higher prices at the grocery store, hardware store, and clothing store.

Instead of focusing on strategic sectors where American manufacturers were being undercut or where we’re developing new technologies, Trump imposed tariffs seemingly on a whim—hitting inputs that drove up costs for manufacturers and goods (like bananas or coffee) that are not made in the mainland United States and never will be.

With corporate profits at record highs, Congress should step in to ensure that consumers see some relief.

The results were as expected.

New data from the Federal Reserve found that businesses were able to pass through tariffs almost completely, raising core goods inflation by 3.1%. The Harvard Pricing Lab finds that retail prices for imported goods are up 5.4% compared with pre-Liberation Day trends.

Furthermore, the shock and confusion of the Liberation Day tariffs and dozens of subsequent adjustments allowed companies to take advantage of the pricing environment, raising prices even if they were not directly affected. Some even bragged about it on calls with their investors.

Unsurprisingly, consumers think this arraignment is unfair.

Polling from my organization, Groundwork Collaborative, found that 44% of Americans think refunds should go to consumers—and 34% believe that refunds should go to consumers and businesses.

Just 7% say that only businesses should get their money back. But that’s what’s happening.

Consumers won’t see a dime from the refunded tariffs—and in all likelihood they’ll keep paying for them.........

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