00:00U.S. President Donald Trump is trying to replace federal revenue lost after the Supreme Court
00:05struck down his biggest tariffs, but a report released Friday by congressional Democrats says
00:11the administration's import taxes could cost American households just over $2,500 this year.
00:20The increase, 44% from $1,745 last year, comes as U.S. consumers are already grappling
00:28with a high cost of living and rising energy. According to an analysis from the Congressional
00:34Budget Office, importers pass most tariff costs onto consumers, while domestic producers
00:41can also raise prices because of reduced foreign competition. Last year, Trump invoked the International
00:49Emergency Economic Powers Act of 1977 to impose double-digit tariffs on almost every country
00:56in the world. But the Supreme Court ruled on 20 February that the law did not give the
01:03President the authority to levy tariffs. The Trump administration must now refund importers
01:10who paid tariffs, a sum expected to total about $175 billion.
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