Trump’s Reckless Economic Policies Making Life Unaffordable for Small Businesses, Workers, and Consumers
(Washington, March 10) – Ranking Member Edward J. Markey (D-Mass.), alongside Democratic Leader Chuck Schumer (D-N.Y.) and Senate Democrats, today introduced the Small Business Liberation 2.0 Act to protect small business owners, workers, and consumers from further tariff-related economic harm. Following the Supreme Court’s decision last month to strike down President Trump’s illegal International Emergency Economic Powers Act (IEEPA) tariffs, Trump announced a sweeping 15% tariff on all imports entering the United States citing Section 122 of the U.S. Trade Act of 1974. The use of Section 122 of the U.S. Trade Act of 1974 is already being challenged in the courts as its original purpose was to allow tariffs when necessary to address “large and serious United States balance-of-payments deficits.”
The Small Business Liberation 2.0 Act would exempt small businesses from paying Section 122 tariffs, refund small businesses for any Section 122 tariffs paid, and prevent price gouging for consumers because of Trump’s new tariff policy.
“Trump’s tariff tax scam is simple: if at first your policies are ruled illegal, double down and try, try again,” said Ranking Member Markey. “America’s small businesses cannot bear another bruising round of uncertainty and consumers in Massachusetts and across the country cannot foot the bill for another punishing round of Trump’s tariff taxes. And they certainly cannot wait for another court decision. When will this administration listen and stop putting pain on Main Street? It’s time to end Trump’s latest round of tariff tax madness and deliver real relief to the American people.”
To date, the Trump administration has collected nearly $166 billion in illegal tariff revenue—a third of which likely came from small businesses. These illegal tariffs raised taxes on products from nearly every country on earth and jacked up prices for American small businesses, workers, and families. The average American household has paid more than $1,700 in Trump tariff taxes. Trump’s new tariff taxes are projected to cost the average household another $570 for the 150 days they are in place.
In addition to Ranking Member Markey and Leader Schumer, the Small Business Liberation 2.0 Act is cosponsored by Senators Mazie Hirono (D-Hawaii), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Amy Klobuchar (D-Minn.), Chris Van Hollen (D-Md.), and Jackie Rosen (D-Nev.).
“Trump’s relentless attempts to implement illegal tariffs on other countries, while driving up prices for business owners and entrepreneurs, are once again threatening the very existence of small businesses across the country,” said Senator Hirono. “Small businesses are essential to our communities, and I am proud to join Ranking Member Markey once again in introducing legislation to shield these businesses from the fallout of Trump’s new global tariffs.”
“Small businesses are the backbone of the American economy, and they deserve better than President Trump’s illegal tariffs and cost-increasing chaos,” said Senator Gillibrand. “I am proud to cosponsor the Small Business Liberation 2.0 Act and will continue to do everything in my power to shield New Yorkers from these horrific tax hikes.”
“Trump’s cost-raising tariffs have made it incredibly difficult for Nevada’s small businesses to plan for the future. Even though the Supreme Court declared the tariffs illegal, Trump immediately doubled down and imposed additional tariffs under a different, obsolete, and almost certainly unlawful authority – ensuring the chaos will continue,” said Senator Rosen. “Our small businesses simply can’t afford to stay open under these conditions, which is why I’m helping introduce this bill to exempt them from Trump’s latest tariffs and provide them with much needed financial relief. Small businesses are the backbone of Nevada’s economy, and I’m committed to doing everything I can to help them succeed.”