President Donald Trump announced Monday that he will make good on a promise to return money collected from tariffs back to the American people, Fox News reported. The president has promised to distribute "hundreds of millions of dollars in tariff money" by the middle of next year.
When Trump was elected and began imposing tariffs, the left was apoplectic about the president's use of this measure against foreign nations. They claimed that it would worsen inflation and make Americans pay more for everything if Trump imposed tariffs on China and other nations during his "Liberation Day" rollout in April.
However, Trump stayed the course and promised that the payoff would be better trade deals for America and a better economy. It also means the government will be able to issue $2,000 rebate checks to all but the highest earners.
"We've taken in hundreds of millions of dollars in tariff money. We're going to be issuing dividends probably by the middle of next year, maybe a little bit later than that," Trump said in the Oval Office to reporters.
Trump gave the first indication of his plan last weekend. In a post to his Truth Social on Nov. 9, the president shared about the success of his tariffs and called out his naysayers.
He also shared that he planned to give back some of the funds earned from those tariffs. "People that are against Tariffs are FOOLS!" Trump wrote in his post.
"We are now the Richest, Most Respected Country In the World, With Almost No Inflation, and A Record Stock Market Price," Trump wrote. "401k’s are Highest EVER. We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion," the president noted.
"Record Investment in the USA, plants and factories going up all over the place. A dividend of at least $2000 a person (not including high income people!) will be paid to everyone," Trump promised.
While Trump is eager to get the money back into Americans' hands, CNN reported that Treasury Secretary Scott Bessent said that it wouldn't be that simple. According to Bessent, a move like that would require congressional approval rather than a presidential fiat.
"We will see. We need legislation for that," Bessent said Sunday on Fox News' Sunday Morning Futures program, though he acknowledged that they "could go out" next year.
There's also a chance that the Supreme Court could eliminate Trump's tariffs that the president put into effect using an emergency provision. The court is currently examining the issue of how those tariffs were imposed and whether he had the authority to do so, though Bessent believes the administration is safe from a reversal, considering the impact it would cause.
"I don’t think this ruling is going to go against us, but if it does, what’s (the Supreme Court’s) plan for refunds? Because how is this going to get to consumers? Are they just going to hand some of these importers big windfalls?” Bessent said. "I don’t think the Supreme Court wants to wade into a mess like that," he added.
Trump has attempted to restore domestic manufacturing through tariffs while ensuring trade imbalances are corrected. He promised to do all of that and to return the dividends to the American people, and it looks like he will do just that to keep another promise.
