Robert Goulder, Can Consumers Recoup IEEPA Tariffs From Importers? (Tax Notes Today, Int’l, April 10, 2026)

The one-year anniversary of President Trump’s “Liberation Day” tariffs came and went without much public fanfare. The kindest remembrance was penned by columnist Oren Crass for the Financial Times, who credits Trump’s trade stance for a weaker (read: more competitive) U.S. dollar, whilst overlooking the consequences for manufacturing employment and agricultural output. (Oren Crass, “The Case for Trump’s Tariffs Looks Strong a Year On from ‘Liberation Day,’” The Financial Times, Apr. 2, 2026.) News flash: Tariffs look less rotten when we selectively ignore the adverse ripple effects.

True, the dollar fell 11 percent against major currencies over the last year, halting a protracted bullish cycle. It’s hard to say whether that decline should be credited to high tariffs or blamed on the burgeoning fiscal deficit, coupled with Trump’s incessant pleas for interest rate cuts. (See Morgan Stanley, “The Depreciation of the Dollar,” Aug. 6, 2025.) And what about the much-maligned trade deficit? Didn’t Trump’s tariffs ease the problem, as promised? Not exactly. Data released by the U.S. Census Bureau reflects that the nation’s trade deficit for goods worsened over 2025, while the trade surplus for services strengthened. The overall value of U.S. imports exceeded that of exports by $901 billion, down insignificantly from the 2024 figure ($903 billion). (Ben Casselman and Ana Swanson, “In 2025, Trade Deficit in Goods Reached Record High,” The New York Times, Feb. 16, 2026.) Twelve months on, I struggle to identify what the American populace was liberated from . . . other than lower prices….