Op-Ed: Donald Trump may love inflation, but working families don't

June 24, 2026  |  By Mike Pieciak and Julie Blaha

In February, the Supreme Court ruled the tariffs enacted by the Trump administration unlawful and ordered refunds. Four months later, the obstruction is unmistakable: of the $166 billion owed, only $21 billion has been repaid. Another $40 billion sits in limbo while the administration requires individual lawsuits for each importer to access their money.

The working families, small businesses, farmers, and others who actually paid the price are getting nothing. And under the current system, they'll continue to get nothing. The refund process was designed that way.

As state fiscal stewards of border states dependent on cross-border trade, we've seen firsthand how the unconstitutional tariffs drive up costs across our economies. When retailers paid more to import goods, they passed those costs directly to consumers through higher prices on grocery store shelves, everyday goods, and supplies. 

The system was built for large importers and corporations with the legal resources to navigate complex filings and court proceedings. Everyone else is effectively shut out. Yet the economic burden was far more widely shared.

Working families paid an average of $1,700 more per household. $80 billion in higher costs squeezed Main Street small businesses and stretched family budgets thinner. Small retailers absorbed higher costs rather than lose customers. Farmers and manufacturers got squeezed on every input. For everyday Americans already facing rising inflation, soaring grocery prices, and record-high gas prices, there's no relief on the horizon.

The administration's process directs relief to a narrow slice of large importers, leaving out the consumers and small businesses who bear the brunt of the policy but lack the means to file suit. 

And the obstruction goes further. The administration is actively blocking $40 billion in refunds by requiring individual lawsuits for each importer instead of processing automatic refunds. And even while fighting to withhold these refunds, they're imposing new tariffs to replace the ones the courts struck down, doubling down on the same harm they're refusing to remedy. 

When a court ordered the Commissioner of U.S. Customs and Border Protection to testify about refund eligibility, the administration stepped in to block the hearing, forcing a federal appeals court to temporarily halt the testimony.

What's happening here goes beyond policy disagreements. The administration is deliberately obstructing refunds to protect large corporations while leaving working families behind. It fundamentally undermines the economic stability our states depend on. Sustainable growth comes from Main Street businesses that can plan, invest, and hire with confidence – not from a system that concentrates benefits at the top.

Relief must reach the households and small businesses that actually paid these costs. Any honest accounting of the harm must make those people whole.

The administration must also establish a transparent, publicly accessible registry detailing who receives refunds, how much, and why. Without it, there's no way to verify that this process is fair or accountable.

And it must stop appealing orders that would expand access to refunds. The courts have already recognized the problem. Continued obstruction only deepens the harm.

Every day this process remains unchanged, large corporations keep their gains while working families are left behind. Every appeal prolongs that inequity.

As state leaders responsible for revenue, affordability, and economic stability, we can't stand by while a refund process designed to benefit the few undermines the many. We must act now to ensure this process serves the people who actually paid the price.

Mike Pieciak is the Vermont State Treasurer and Julis Blaha is Minnesota’s State Auditor.