‘Are you going to get money back to the American people?’ asks Senator Warren on tariff refund checks. Here’s the answer

‘Are you going to get money back to the American people?’ asks Senator Warren on tariff refund checks. Here’s the answer

Vishesh Raisinghani

Tue, September 8, 2026 at 6:05 PM GMT+3 6 min read

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.

"People that are against Tariffs are FOOLS!" President Donald Trump posted on Truth Social in November 2025, according to CNN (1). "A dividend of at least $2,000 a person (not including high income people!) will be paid to everyone."

However, the administration hasn't issued an update on this idea since then.

Top Picks

• Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being one

• JPMorgan sees gold hitting $5,000/oz by Q4 — and savvy investors are protecting their wealth with a tax-advantaged Gold IRA. Get your free guide from Priority Gold

• The tax breaks in Trump's 'big beautiful bill' expire after 2028. Here are 4 moves to make before the window closes

During a hearing of the Senate Finance Committee (2) on July 22, Senator Elizabeth Warren followed up on it with U.S. Trade Representative Jamieson Greer directly. "Are American consumers going to get any refunds on the tariffs that were illegally collected from them?" she asked.

In response, Greer suggested the administration had already issued refunds — just not to consumers. Instead, billions of dollars are steadily flowing to some of the largest and most profitable corporations across the country.

Here's why the great tariff debacle has cost you money and whether you could ever see some of it returned.

Corporate windfall

According to estimates by the U.S. Congress Joint Economic Committee — Minority (3), the average American family paid $1,745 in additional costs triggered by the Trump administration's tariffs between February 2025 and January 2026.

These tariffs were deemed illegal by the Supreme Court in February 2026 and the administration was instructed to issue refunds. However, because of the mechanisms of customs law, the refunds are being issued directly to the corporations that paid for the tariffs up-front, not the consumers who may have paid indirectly for marked-up products.

A court filing analyzed by the Washington Post (4) in August suggests the Trump administration has paid out $100 billion in tariff refunds to corporations. This includes $2.2 billion in refunds to Apple, $1.3 billion to Ford and $600 million to Amazon.

In short, if you paid for a pair of sneakers last year that were more expensive because of tariffs, you currently have no legal way to get that money back.

Some Democratic lawmakers are attempting to change that. A group of senators have already introduced the Tariff Refund Act of 2026 (5), which would require full refunds with interest within 180 days of enactment, prioritizing small businesses in the payout order. Illinois Governor J.B. Pritzker (6) separately called on the administration to send every household in his state a $1,700 check.

However, since these initiatives haven't gained traction with Republican lawmakers or the Trump administration, the chances of you getting a tariff refund check are very slim. In fact, you could be facing more costs ahead, when the Trump administration unleashes a fresh wave of tariffs.

According to the Tax Foundation (7), these new 2026 tariffs could cost the typical household nearly $900.

Read More: Millionaires under 43 hold only 32% of their wealth in stocks. Here's where their money is actually going

How to prepare

With no end in sight to the affordability crisis and an additional $900 in costs for most households lurking around the corner, now might be the right time to tighten up your budget and save some money.

Platforms like Acorns can help start you on your journey by automatically saving spare change every time you make a purchase.

Here's how it works: If your favorite latte now costs $3.50 instead of $3 because of tariffs on coffee beans, Acorns can round that up to $4 and place 50 cents into a diversified portfolio of ETFs managed by experts at leading investment firms like Vanguard and BlackRock.

So, a $3.50 latte can automatically become a 50-cent investment in your future.

Sign up today and get a $20 bonus investment.

Diversify your portfolio with real estate

You could also consider rental income from real estate to add extra cash to your annual budget. Traditionally, you needed six-figure down payments to become a landlord and start collecting rent, but platforms like Arrived have democratized this asset class.

Backed by world-class investors, including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, all you have to do is browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100.

Plus, for a limited time, when you open an account and add $1,000 or more, Arrived will credit your account with a 1% match.

Get some professional help

For anyone with a relatively large portfolio, there could also be ways to minimize taxes or improve dividend and interest income. A professional financial advisor could help you modify your portfolio to get the right balance.

For instance, if you have a portfolio of $250,000 or more, platforms like WiserAdvisor can connect you with vetted professionals who specialize in this kind of planning.

Simply answer a few questions about your savings, retirement timeline and overall investment portfolio. From there, WiserAdvisor reviews its network to match you — for free — with up to three vetted, reputable advisors aligned with your specific needs.

You can then schedule no-obligation consultations with your matches to determine who is the best fit for your long-term goals.

WiserAdvisor is a matching service and does not provide financial advice directly. All matched advisors are third parties and specific financial results are not guaranteed.

What To Read Next

• A single line on your car insurance policy could be inflating your premium by up to 30% — here's what to change

• Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it is and 3 simple steps to fix it ASAP

• Your Social Security 'Trump Bump' in 2027 will be one of the biggest in 25 years — but there's a serious catch no one's talking about

• Dave Ramsey says this 1 indulgent purchase stops Americans from becoming wealthy. Here's what he recommends instead

Join 250,000+ readers and get Moneywise's best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.

Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.

CNN (); YouTube (); Joint Economic Committee (); The Washington Post (); Congress.gov (); Pritzker Newsroom (); Tax Foundation ()

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.