Donald Trump just had $166 billion snatched back by the Supreme Court, and over 330,000 businesses are lining up to collect refund

A little over a year ago Donald Trump enacted his tariff plan. At the time everyone thought it was a foolish idea, everyone except the president that is. But now, a year later, we know for sure that it really was foolish as the government has now begun refunding billions of dollars to businesses affected by the policy after the Supreme Court determined the tariffs to be unlawful.

Remember when Donald Trump claimed that his tariffs would raise money for the U.S. and encourage businesses to invest in the U.S. industries rather than outsource to other countries? Not only has none of that happened, but all of the money that was apparently raised by the tariffs is about to be refunded thanks to the president’s short-sighted scheme.

Donald Trump will be paying back $166 billion in refunds to businesses that paid for his ill-thought out tariffs. Sorry, did I say Donald Trump would pay it back? I meant the taxpayer will most likely be paying that back, because most of the federal revenue comes from income tax. This monumental screw-up (of which Trump is solely responsible for by the way) won’t cost the president himself a penny.

Businesses are queuing up to get money back from Trump

Back in February the Supreme Court struck down Trump’s tariff policy meaning the government would have to pay back the money it had taken from business. The government will be refunding up to $166 billion with 53 million shipments expected to be eligible for the refund. There’s also an estimated 330,000 businesses that will be coming for their pound of flesh.

The portal for refunds opened on Monday April 20 and it could take two-three months for refunds to be issued after a business submits a claim. 

Remind me again how Trump’s tariffs were supposed to generate money for America? Because so far it looks like the Trump admin has just crippled its own economy over the past year. Now the small profit that was made by the tariff payments is being refunded with interest. So overall we’re at a net loss. How Trump ever tricked anyone into believing he was a competent business man is beyond me.

And in case you were wondering, no, these refunds won’t be extended to consumers, the real victims of the tariff policy. So the raised prices which people had to pay because of the tariffs were also for nothing. It remains to be seen whether businesses will lower prices now that they’re getting a refund but the pessimistic part of me says it’s unlikely.

Trump may have had the tariff profits snatched away but he’s already made his own profits off of the whole ordeal. The refund likely won’t even affect him.