A new proposal from Trump’s government could see some US households receiving $1,200.
Many people in the US are currently struggling with a rising cost of living as several economic stresses are beginning to bite in the US economy.
Trump’s second presidency saw him introducing sweeping tariffs on imports to the US in an attempt to promote US companies.
However, the costs are now leading to a rise in consumer prices as businesses which rely on supplies from overseas, for example coffee which can’t grow in the US to the required demand, are forced to pay more and in turn pass that onto the consumer, according to a report from the Federal Reserve Bank of New York.
More recently, the war with Iran has now placed even further stress on the world economy, including the US, after Iran responded to US and Israeli attacks by blocking the Strait of Hormuz, through which 20 percent of global oil shipments pass.
Oil prices have since surged, leading to widespread market instability.
Now, Trump’s administration is proposing a new bill which could see some US households received $1,200.
Trump’s tariffs have led to higher prices on everyday items (Chip Somodevilla/Getty Images)
This was proposed by Senator Martin Heinrich on March 12, and proposes to give tax rebated to families in the US which have been impacted by the tariffs.
Heinrich has said that many people in the US are now feeling the impact of the tariffs in their everyday expenses such as food and other household supplies.
He has proposed that his bill will give some of this money back to people who are now paying more.
The bill is called the ‘Tariff Refunds for Working Families Act’, and has the support of senators including Cory Booker, Ruben Gallego, and Kirsten Gillibrand, according to a report from the Daily Express.
Trump has reportedly previously promised rebates from the tariffs of up to $2,000, however now this money could instead be given to importers.
Heinrich’s bill would work on a sliding scale based on household income, with a lower income meaning a higher payment.
