Ranking Member Edward J. Markey said on April 1 that the one-year anniversary of former President Donald Trump’s “Liberation Day” tariffs marks a period of hardship for small businesses, workers, and families in Massachusetts and across the country. On April 2, 2025, Trump imposed a global 10% tariff using authority under the International Emergency Economic Powers Act, with additional tariffs on dozens of countries.
Markey said these tariffs have led to job cuts and business closures. “Trump’s so-called ‘Liberation Day’ tariffs slapped a tax on everything from toys to tea, throwing our economy into unsustainable chaos. His Liberation Day quickly became Obliteration Day for small businesses and families. One year later, small businesses in Massachusetts and across the country continue to feel the pain on Main Street. Thanks to Trump’s reckless tariff taxes, small businesses have been forced to cut jobs, pause growth, and even close up shop—putting the American Dream further and further out of reach for owners and workers,” Markey said.
The Supreme Court struck down Trump’s IEEPA tariffs in February after legal challenges by American small businesses. However, Markey said that refunds are still delayed: “Yet, despite small businesses’ victory at the Supreme Court, Trump is continuing his war on Main Street by doubling down on his tariff scam with new global tariffs and by creating a complicated tariff refund process that only benefits big businesses and CEO billionaires.” He called for immediate automatic refunds: “Instead of jacking up costs for American small businesses and families, Trump must end his self-made affordability crisis and immediately and automatically refund the tariff taxes he illegally collected. I will continue to fight back against Trump’s reckless economic policies that are making life unaffordable for small businesses, consumers, and working families.”
Markey has taken several steps over recent months including writing letters urging federal agencies such as Customs and Border Protection to establish an automatic refund process without additional burdens; hosting briefings with former New Jersey Attorney General Matt Platkin; urging large retailers to pass along any refunds; introducing legislation such as the Small Business Liberation 2.0 Act; releasing reports detailing impacts; holding press conferences highlighting affected business owners; introducing bills like the Tariff Refund Act of 2026 alongside other Senate Democrats; pressing agencies like SBA or Commerce Department officials about refund procedures; all aiming at easing financial pressure caused by these tariffs.
The Senate Small Business and Entrepreneurship Committee supports informed decision-making regarding national fiscal priorities according to its official website. The committee also offers Congress comprehensive policy options concerning federal budget components according to its official website, contributes through resolutions or reconciliation instructions according to its official website, provides nonpartisan budgetary analysis via oversight of the Congressional Budget Office according to its official website, was established under the Congressional Budget Impoundment Control Act of 1974 according to its official website, features Lindsey Graham as chairman with Jeff Merkley as ranking member according to its official website.
Looking ahead, Markey reiterated his commitment: “I will continue fighting back against policies making life unaffordable for America’s main streets.”
