Governor Hochul Sends Letter Calling on U.S. Dept. of Treasury to Immediately Refund $13.5 Billion in Tariff Payments to New Yorkers

Governor Kathy Hochul today sent a letter to U.S. Treasury Secretary Scott Bessent calling on him to immediately work with federal agencies to refund all tariff payments to New Yorkers.

Following the recent Supreme Court decision that ruled President Trump's tariff policies to be unlawful, Governor Hochul continues to demand a full refund of $13.5 billion in tariff payments.

Based on estimates by the Budget Lab at Yale, the average New York household has faced an estimated $1,751 in added costs due to tariffs since they were enacted last year, for a total estimated $13.5 billion statewide impact.

The full text of the letter is included below:

The Honorable Scott Bessent

Secretary of the Treasury

U.S. Department of the Treasury

1500 Pennsylvania Avenue, N.W.

Washington, D.C. 20220

Dear Secretary Bessent,

On behalf of over 20 million New Yorkers, I demand the Trump Administration refund approximately $1,751 for every New York household, for a total tariff refund of approximately $13.5 billion to New Yorkers. To that end, I am calling on the Department of the Treasury to coordinate with appropriate agencies and immediately formulate and implement a plan to refund all tariff proceeds.

Last week, the Supreme Court of the United States ruled that the Trump administration's tariffs imposed under the International Emergency Economic Powers Act (IEEPA) are unlawful. These unlawful taxes wrought havoc on the American economy and increased costs for hard-working families.

Having unlawfully seized billions of dollars from American people and businesses, the federal government should now do the right thing: give it back. Based on estimates by the Budget Lab at Yale, the average New York household has faced an estimated $1,751 in added costs due to tariffs since they were enacted last year, for a total estimated $13.5 billion statewide impact.

New Yorkers have felt the consequences of these tariffs ripple through every sector of our economy. Consumers have paid dramatically more for everyday goods. Small businesses have faced increased supply and equipment costs. Our state's farming industry has taken a particular hit, with farmers reporting an added layer of uncertainty that makes planning and future investment challenging.

Millions of New Yorkers are owed a refund for the real and widespread consequences of President Trump's reckless and illegal tariff policy. Compensation is owed to the people of New York, and New Yorkers look forward to receiving our payout in full.

Sincerely,

​​​​​​​​​​​​​​​​Kathy Hochul

​​​​​​​​Governor

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