Updated Jul 25, 2025 - Economy

Trump floats the possibility of tariff rebate checks

Ben Berkowitz

President Trump walking on a path with a helicopter and the Washington Monument in the background, while reporters with microphones and cameras record him. — President Trump leaving the White House for Scotland. Photo: Will Oliver/EPA/Bloomberg via Getty Images

President Trump on Friday suggested the government might consider issuing rebate checks to some Americans from the tariff revenue collected this year.

Why it matters: Rebates would return to consumers some of the higher prices they've paid as a result of those tariffs — but could also raise the specter of inflation, similar to previous rounds of government stimulus.

What they're saying: "We have so much money coming in, we're thinking about a little rebate," Trump told reporters outside the White House.

"A little rebate for people of a certain income level might be very nice."

By the numbers: The government collected more than $100 billion in tariff revenue in the first half of this year, per Treasury data, and is on track to collect more than $27 billion this month alone.

Most of that has not yet been passed through to consumers, though prices are starting to rise for the most tariff-exposed categories of goods.

Yes, but: Trump didn't say how big any such check might be, or who would be eligible.

It's also not the first time this term his administration has floated the idea of rebates; there was talk of a DOGE savings stimulus earlier this year that went nowhere.

Reality check: Trump frequently likes to note that inflation is mostly under control in the economy — but past stimulus efforts, by his administration and others, have been linked to surges in prices.

This is a developing story.

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Trump floats the possibility of tariff rebate checks

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