Rep. Mark Alford, R-Mo. discusses tariffs after the Supreme Court ruling and previews President Donald Trump’s State of the Union address on “Mornings with Maria.”
One year ago, Chairman Donald Trump launched sweeping global tariffs, flaring trade tensions and raising new concerns about the U.S. and the global economy.
The tariffs, dubbed ‘Liberation Day’, focused broadly on imports, with Trump claiming they would be resolved trade imbalances and reduce dependence on foreign goods.
A year later, many of these tariffs were struck down by the Supreme Court. The federal government is now working on a plan to refund about $166 billion in improperly collected taxes, with details expected in mid-April.
SUPREME COURT AGREEMENT BLOCKS TRUMP’S TRADE AGENDA IN LANDMARK TARIFF CASE
President Donald Trump makes remarks about reciprocal tariffs during an event in the Rose Garden on April 2, 2025. (Brendan Smialowski/AFP/Getty Images)
After ‘Liberation Day’, import duties rose from $9.6 billion in March to $23.9 billion in May following the rollout of the tariffs.
For the 2025 fiscal year ended September 30, collections reached $215.2 billion, according to Treasury data, and the upward trend has continued into the 2026 fiscal year, with receipts already higher last year.
Revenue for the current fiscal year is $181.6 billion. Tariff collections have increased since Trump returned to office approximately more than 300%resulting in a major windfall for the federal treasury.
TRUMP SAYS US WOULD BE ‘DESTROYED’ WITHOUT TARIFF REVENUE
Tariffs function like a tax on imports, and in many cases U.S. importers absorb the initial costs and then pass them on in higher prices to wholesalers, retailers and, ultimately, consumers. That means households and businesses could face higher costs for goods ranging from electronics to raw materials.
Whether tariffs ultimately help or hurt the economy depends on how much of that burden consumers shoulder, how domestic producers respond, and whether the intended economic or geopolitical benefits are worth the additional costs to consumers.
TRUMP CALLS TARIFF Opponents ‘FOOLS’, PROMISES $2K DIVIDEND PAYMENTS FOR AMERICANS
A protester outside the U.S. Supreme Court in Washington, DC on November 5, 2025. (Eric Lee/Bloomberg via Getty Images)
This dynamic makes the Supreme Court’s ruling particularly consequential for households and businesses that already face high costs.
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Meanwhile, the rise in revenues underlines how central tariffs have found their way into Trump’s economic agenda, with the administration arguing that collecting taxes can help finance domestic priorities, reduce the national debt and even make a proposal a reality Dividend of $2,000 to Americans.
It is unclear whether that plan is still on the table.
