New Democrats' Bill seeks to refund Trump's illegal IEEPA-based tariffs, plus interest

A coalition of 22 Senate Democrats has introduced a new bill aimed at addressing the economic impact of tariffs imposed under the International Emergency Economic Powers Act (IEEPA) during the Trump administration. The proposed legislation mandates that the Customs and Border Protection (CBP) agency prioritize small businesses when collecting tariffs at U.S. ports. The bill seeks to refund these tariffs, including accrued interest, to businesses adversely affected by what the Democrats describe as illegal tariffs. This initiative highlights the ongoing debate over trade policies and their repercussions on small enterprises, particularly in light of the COVID-19 pandemic's financial strain. By supporting small businesses, the Democrats intend to revitalize the economy and alleviate some of the financial burdens imposed by previous tariff structures, fostering a more equitable trade environment. The bill, if passed, could set a precedent for how tariff revenues are managed and distributed, potentially reshaping future legislative approaches to trade and commerce in the United States.