Years ago, Ray Charles sang: “Them that’s got is them that gets, and I ain’t got nothin’ yet.”

Millions of workaday Americans today are wailing that blues refrain, thanks to price increases caused by Donald Trump’s slap-happy tariff policy. He gloated that by imposing import levies of $166 billion on foreign companies, they would be forced to lower the prices they charge us. But, Professor Trump, nearly all tariffs are passed along to us consumers, so you’re raising our prices! Indeed, on average, his tariffs have jacked up costs for every American household by about $1,500 a year!

But the Supreme Court has now decreed Trump’s tariffs illegal, so those who paid them are entitled to refunds. Great! Walmart rushed to the front of the line, demanding a $10 billion refund, while other giants are demanding paybacks of more than a billion each.

But wait. What about you? Those corporations had paid Trump’s tariffs with money they got by raising prices on you and me. In short, WE THE CONSUMERS paid about 90 percent of that $166 billion out of our pockets. So where’s our refund?

So far, only Costco has publicly pledged to pass the refund back to its customers, while other corporate giants just wink and pocket the cash. For example, a Walmart executive simply announced that “[We will] certainly avail ourselves” of any refund process.

Economists have a technical word for that process: “Stealing.” The Walmarts jack up their prices to pay for Trump’s tariff scam, then grab the refunds that workaday consumers are owed. As Ray Charles sang in another blues number: “Why you treat me so mean?”

Do something

Tired of corporations stealing from you? Our friends at Public Citizen have a whole catalog of resources dedicated to tariffs—get involved here.

Jim Hightower's Lowdown is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit jimhightower.substack.com/subscribe

Corporate Giants Swindling $166 Billion From Consumers