U.S. Congress Introduces Bill to Provide Tariff Refunds of $600 Per Person

Korea Economic Daily

Summary

A bill was reportedly introduced in the U.S. Congress to provide tariff refunds of at least $600 per person, using tariff revenue.
According to the bill, if tariff revenue increases, the refund amount can also be raised.
CNBC pointed out that issuing refunds could worsen the federal government's fiscal deficit and contribute to inflation.

*United States Capitol located in Washington, D.C.*

A bill has been introduced in the U.S. Congress to use tariff revenue to provide a minimum of $600 (approximately ₩830,000) per person to all citizens.

According to The Hill, a congressional specialty media outlet, on the 29th (local time), Republican Senator Josh Hawley (Missouri) proposed a bill stipulating such tariff refunds to alleviate the burden of price increases caused by tariffs.

The bill proposes that if tariff revenue exceeds this year’s projections, the refund amount can be increased. Senator Hawley estimates that this year, U.S. tariff revenue could exceed $150 billion (about ₩208 trillion). Senator Hawley stated, "Americans are entitled to a tax refund after four years of Biden (former president) policies that have destroyed household savings and livelihoods."

Previously, on the 25th, former President Trump responded to reporters inquiring about the possibility of tariff refunds: "We are considering some refunds," he said, adding, "The big thing we want to do is reduce debt, but we are considering some refunds." CNBC pointed out that "paying out refunds could worsen the federal government's fiscal deficit and, if people spend the refunds, could further add to inflationary pressures."

Donghyun Kim, Reporter 3code@hankyung.com