Can we have our money back, please?
That’s what Gov. Kathy Hochul continues to ask the Trump administration while welcoming a ruling by the U.S. Court of International Trade that struck down President Trump’s tariffs, calling the decision an “important step forward” in preventing more taxes on Americans.
She urged the federal government to not only reimburse companies impacted by the tariffs but also provide relief to consumers who overpaid as a result of what she said was an illegal policy.
“This cannot be the end of the story,” she said. “I want people reimbursed, and I’ve called on the federal government to reimburse them directly to the people who paid the price.”
The ruling, issued on March 4, found the tariffs illegal. Imposed under Trump’s administration, the tariffs created economic uncertainty among many New Yorkers and elected officials, with Hochul saying in a statement that they “never should have been imposed.”
Despite the local ruling, Hochul said the tariffs already disrupted global markets.
“And so, markets have closed their doors to us because they’re unhappy with these tariffs,” she said. “Our suppliers are in trouble and people are literally losing their jobs — and I heard this firsthand in Buffalo a couple days ago. Now, also, the direct cost to consumers, to families across New York.”
New York families paid approximately $13.5 billion in additional costs over one year due to the tariffs, according to state officials. It equates to about $1,751 per household.
Meanwhile, state Attorney General Letitia James on Thursday announced a lawsuit with other statewide officials to stop new attempts from Trump to implement tariffs. The coalition argues in its lawsuit that the new tariffs are illegal because the President “does not have the power” to impose them, adding that they violate the Constitution’s protection of the separation of powers.
“Once again, President Trump is ignoring the law and the Constitution to effectively raise taxes on consumers and small businesses,” James said. “After the Supreme Court rejected his first attempt to impose sweeping tariffs, the president is causing more economic chaos and expecting Americans to foot the bill.”
James explained that Trump is using Section 122 of the Trade Act of 1974 to impose the tariffs, adding that no president has ever attempted it.
The law is specifically designed to allow limited tariffs to address certain monetary crises, including a significant “balance of payments” deficit, a distinct economic problem that can occur in a fixed-rate exchange system like the gold standard. However, the U.S. abandoned such an exchange system half a century ago.
As a result, balance-of-payments problems no longer occur, James’ office explained.
